Top End Energy, which holds a 50 per cent interest in 30 exploration permit applications across the NT, will begin trading on the ASX on Dec 22 under the ASX code of TEE. The company is seeking to raise $6.4 million by issuing 32 million shares for $0.20 per share.

The offer’s purpose is to assist the business in putting its corporate strategies into reality, which will include planned “clean energy solutions”.

Top End Energy’s priority is to concentrate on hydrocarbon and helium projects, the company has said, and complete feasibility studies to establish the viability of the proposed green projects. The company continues to explore other assets for acquisition or investment which it feels to be a strong fit to further its ambitions and targets.

Top End Energy has a 50 per cent stake in 30 of the Northern Territory’s 160,000 sq km of hydrocarbon exploration license applications, which the company says are progressing through the permit application process.

McKam Aust Pty Ltd is the joint venture partner in the company’s EP applications. he licenses cover a total area of 160,000 sq. km. The set includes EP257, EP258/259, EP261, EP265/277, and EP279/280.

The acreages near McArthur Oil & Gas, Origin, Empire Energy, Armour Energy, Santos, and Blue Energy are just a few miles of one another.

It has been determined that the nearby wells in the Velkerri shallow shale formation contain substantial amounts of gas and high levels of liquids. According to data found in nearby wells, there are huge Velkerri shallow shale sections up to 700 meters thick with enormous gas-in-place volumes and high liquid contents. Top End Energy is preparing for 2D seismic acquisition as part of the geological and geophysical investigations before receiving the licenses.

The Company also holds 100 per cent ownership of a project in central Queensland called the Tristar Project covering 4185 sq km and is in the vicinity of the Gilmore Gas field and associated pipeline.