The NT Independent is providing an update of resource news from across the Northern Territory. Highlights this week include Tamboran’s SPP raising capital above $54 million, Empire Energy signing an agreement with APT for gas infrastructure development, and Falcon Oil & Gas Ltd announcing new well in the Beetaloo Sub-basin.

Tamboran SPP raises capital above $54 million

Tamboran Resources Ltd has raised its capital for its Beetaloo Sub-basin exploration and development programs above its initial capitalization of $54 million after raising $904,950 in a recently concluded share purchase plan (SPP). Aside from increasing working funds for work in the Beetaloo Sub-basin, proceeds from the SPP will also be used for general working capital purposes and costs of the raising.

The SPP came after Tamboran’s positive two-tranche placement of approximately 295,634,390 shares at $0.18 per share for total proceeds of $53.2 million.

Empire Energy signs agreement with APT for gas infrastructure development

Empire Energy has signed an agreement with APA Group subsidiary, APT Management Services to establish midstream gas infrastructure for its Carpentaria pilot project in the Beetaloo sub-basin. APT Management Services’ work scope includes the development of gas processing and transportation facilities.

The midstream infrastructure made up of processing and transportation facilities will pave the way for efficient extraction and delivery of natural gas, Empire said. It allows for the processing and treatment of raw gas before it is transported through pipelines to end users.

The company’s Carpentaria pilot project is focused on the exploration and production of natural gas in the Beetaloo sub-basin, which is known for its significant gas resources.

Falcon spuds well in the Beetaloo sub-basin in NT

Falcon Oil & Gas Ltd has spudded a well in the Beetaloo sub-basin drilling a depth of 10,499 feet. The Shenandoah South IH (SSIH) is the first of two horizontal wells scheduled for drilling this year. Another well, the Amungee NW-2H well (A2H), has already achieved a gas breakthrough, the company said.

The new exploration projects are targeting the Amungee Member B-shale. The SSIH, which has a 3,281-foot horizontal section, is 23 feet deeper than A2H. The company said the spudding of the SSIH is “an exciting next step in the appraisal of the Beetaloo Sub-basin”.

The A2H was producing approximately 830,000 cubic feet a day with a water recovery rate of 50 barrels per day. The SSIH, meanwhile, is being drilled by Helmerich & Payne Inc.

Falcon operates in Australia through its 98 percent-owned subsidiary Falcon Oil & Gas Australia Ltd. Besides Australia, Falcon has a portfolio in Hungary and South Africa.