Black Mountain Energy has raised $11 million to develop the eighth largest undeveloped gas reservoir globally and the last non-developed basin in Australia, following a domestic gas export exemption from the Western Australian Government last year.
The company said the 3662 square-metre Valhalla Project in WA’s Canning Basin, holding estimated prospective gas resources of 11.8 trillion cubic feet and contingent gas resources of 1.5 TC, is enough to provide sustained local and export supply.
“The December quarter was transformative for our company as we completed our Initial Public Offering and listed on the Australian Securities Exchange following our domestic gas export exemption from the WA Government, which is integral to our plans to develop Project Valhalla, EP371 in WA’s Canning Basin,” executive chairman Rhett Bennett said.
“Concurrent to our ASX listing, we achieved several important tasks during the quarter as part of our methodical process to move EP371 towards development, including heritage surveys with two Traditional Owner groups and lodged an environmental plan for a seismic survey over EP371.
“We also finalised our Environmental Review Document, which we lodged with the WA Environmental Protection Authority in recent weeks, and we await EPA feedback on that.”
BME will engage a seismic survey contractor while progressing the environmental permitting process and continue our discussions with potential offtake partners and pipeline operators.
BME’s Australian Stock Exchange-listed price is trading at 12.5c (12:11 pm UTC+8 hours)