Business news from across the Northern Territory: This week’s highlights include Vermelha cattle station hitting the market after previous $18 million sale, and ECNT challenges Tamboran’s Shenandoah environment management plan. Also making resource news is NewPeak Metals acquiring a strategic mineral project in the NT, Thor Energy signing a joint venture agreement with Investigator Resources for Molyhil Project, and Central Petroleum drilling at Mereenie.

Business

Vermelha cattle station hits market after previous $18 million sale

The Darwin Property Group is selling the Vermelha cattle station on behalf of Vietnamese businessman Pham Nhat Vu’s Vien Pastoral Holding and Agriculture Group. The 2,030sq km station last changed hands eight years ago for $18 million. The sale includes 16,000 head of cattle made up primarily of Brahman cross-breeders. The station has 28 paddocks, six steel yards, a 45-ha pivot irrigator, and 60 ha of already cleared land to go with its 3691.9-ha agricultural clearing permit. It also has 23 bores, including an irrigation bore pumping at 60 litres a second and an advanced satellite water management system. Pham Nhat Vu bought Vermelha from wealthy businessman and philanthropist Lyn Brazil, who reportedly acquired the property in 1997.

ECNT challenges Tamboran’s Shenandoah environment management plan

The Environment Centre NT said that the NT government approved fracking at a 15-well site south of Katherine despite assessing the site’s risk of chemical spills, water contamination, and climate change.  ECNT filed a case in the NT Civil and Administrative Tribunal challenging Tamboran Resources’ Shenandoah South Project in the Beetaloo Basin, about 320 km south of Katherine, claiming the government failed to assess the risk of chemical spills, groundwater contamination and the scale of greenhouse gas emissions.

Environment Minister Kate Worden approved the project’s Environment Management Plan (EMP) in May, allowing up to 15 new wells drilled at four exploration sites. With the Tamboran proposal, the company proposes to expand its 2019-constructed well site, Kyalla.

Resources

NewPeak Metals Acquires Strategic Mineral Project in NT

NewPeak Metals Ltd. has strategically acquired the Treuer Range Uranium-Vanadium Project in the NT. The acquisition deal was valued at $350,000, paid through shares alongside a net smelter royalty agreement. In the latter half of 2024, NewPeak will begin an exploration program at Treuer Range to define JORC mineral resources. The move aligns with the company’s expansion into the critical minerals sector. It follows recent capital raises and asset sales to fund exploration plans.

Thor Energy signs joint venture agreement with Investigator Resources for Molyhil Project

Thor Energy has formed a joint venture with Investigator Resources Ltd, which will spend US$1 million on the tenements (stage 1 commitment), the transfer of 25 per cent interest in the Molyhil tenements, and the sale of Thor’s 40 per cent interest in Bonya tenement EL29701, with an initial interest for that parties at 25 per cent Fram and 75 per cent Molyhil.

Under the agreement, Investigator will issue Thor A$250,000 worth of IVR shares upon the formalisation of Fram’s 25 per cent JV interest. Fram can opt to continue to earn up to 80% interest by spending up to a further US$7,000,000 on the Tenements via a three-stage process. The JV at Molyhil will allow Thor to focus on its priority USA Uranium assets and Alford East Copper-REE Project while retaining a meaningful interest in the Molyhil Project.

Central Petroleum to drill two wells at Mereenie in the NT

Two development wells will be drilled at the Mereenie Oil and Gas Field in the NT by Central Petroleum Limited’s relevant subsidiary company and its Mereenie Joint Venture partners. The decision comes after its Gas Sales Agreements with the NT government (NTG GSA). Over the life of the Mereenie development wells, the field’s production capacity is expected to exceed 30 TJ/d and produce at least 25 PJ of gas. As soon as the new wells are completed, firm gas will be sold into the recently executed NTG GSA, which can expand to 6 TJ/d.

The drilling program will cost Central approximately $8 million, which can be funded from existing cash reserves. The project is seen as economically viable through existing surface infrastructure and the NTG GSA.