Financial Data and Key Metrics Changes - The company ended the quarter with US $45.2 million in cash and receivables of US $26 million, including US $11 million from the second tranche of a PIPE transaction and US $15 million from an acreage sale [6][11] - Cash flow primarily funded the SS2H ST1 stimulation and flow testing, with expectations to receive an additional US $15 million by year-end [11] Business Line Data and Key Metrics Changes - Record flow rates were achieved from the SS2H ST1 well, with a 2% increase in rates over the last 30 days of testing without downhole intervention [3][7] - The company has commenced a farmout process for approximately 400,000 acres in the Beetaloo Basin, attracting strong interest from qualified counterparties [5] Market Data and Key Metrics Changes - The Beetaloo Basin is showing distinct characteristics compared to the Marcellus Shale, with higher gas in place and total organic carbon (TOC) [4][7] - The company is focused on securing approvals for longer-term production and has received consent from native title holders to sell gas under new legislation [5][6] Company Strategy and Development Direction - The company aims to commence gas sales from the Beetaloo Basin by mid-2026, with plans to expand volumes to Southeast markets in the future [12][26] - The strategy includes pursuing both domestic gas sales and LNG development, with a phased approach to infrastructure development [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of the Beetaloo Basin to transform energy security for the Northern Territory and Australia's East Coast [12] - The company is optimistic about the ongoing drilling campaign and the unique geological characteristics of the basin that may lead to improved production outcomes [32][34] Other Important Information - The SPCF compression and dehydration facility is on track for completion and commissioning in mid-2026, with all necessary components in place [10][11] - The company is actively seeking a new CEO, with expectations to announce the position by the end of the calendar year [6] Q&A Session Summary Question: Can you provide details on drill times and tool failures? - Management noted typical failures associated with horizontal drilling in challenging environments, with the best segments of recent wells achieving around 19 days [15][16] Question: What is the plan for the upcoming well? - The upcoming well will undergo stimulation and flow testing, with plans to shut it in for a pilot project after testing [17][18] Question: What does a successful farmout outcome look like? - Management indicated it is premature to discuss specifics but noted strong interest from various companies [24][25] Question: Are both domestic gas sales and LNG development still part of the strategy? - Yes, both markets are still being pursued, with different timelines for each [26][27] Question: When can we expect to conclude the farmout process? - Management suggested a reasonable expectation for an announcement around Q1 2026 [30][31] Question: What is the status of the SPCF funding? - The company is pursuing an infrastructure debt facility and has spent about $20 million to date, with a remaining need of $70 to $80 million [43][44] Question: What are the plans regarding local sand solutions? - The company is focused on using local sand and is conducting extensive testing to ensure quality [51][52]