Baker McKenzie Advises Beetaloo Energy on Strongly Supported AUD 66.3M Placement and Share Purchase Plan

Baker McKenzie is pleased to announce that it is advising Beetaloo Energy Australia Limited (Beetaloo Energy) on its strongly supported AUD 66.3 million Placement and Share Purchase Plan.

Beetaloo Energy is an ASX-listed upstream gas company focused on appraising and developing unconventional gas resources of the Beetaloo Basin in the Northern Territory, Australia.

The company has received binding commitments to raise AUD 66.3 million (before costs) via placement of new fully paid ordinary shares (New Shares) to institutional and sophisticated investors at AUD 0.28 per New Share (Placement).

The Placement was backed by strong demand from local and international institutional and sophisticated investors.

Funds raised from the Placement together with the upsized AUD 45 million Midstream Infrastructure Facility and existing cash on hand will be applied towards:

• Completion of Carpentaria Gas Plant works
• Continuation of flow testing at Carpentaria-5H
• Future work program long lead items
• Western Beetaloo seismic acquisition and interpretation
• Territory Sands Investment
• Corporate G&A & NT Operations to first gas
• Partial repayment of R&D Credit Facility with Macquarie Bank
• Additional working capital
• Costs of the Placement

Beetaloo Energy also intends to launch a non-underwritten Share Purchase Plan (SPP) to raise up to AUD 5 million, which will give eligible shareholders the opportunity to apply for New Shares on the same terms as the Placement, without incurring brokerage fees.

Beetaloo is emerging as one of the basin's key first movers, holding 100% interest in ~AUD 3 million net effective Beetaloo acres containing >46 TCFe 2U resource and >1.6 TCF 2C resource with <1% CO2.

Baker McKenzie lead partner, Lance Sacks said: "We are delighted to have advised Beetaloo Energy on this capital raising to finance the completion of the Carpentaria Gas Plant which is designed to provide energy security for the Northern Territory and will be the first, to date, to produce gas from the Beetaloo Basin for commercial sale."

Lance was supported by Baker McKenzie Associate, Ed Dymond.

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