Member Info for WetWater

Newtofo: If I recall correctly, the SS-1H well was not soaked. Also, I believe they should review the completion protocol for the Amungee well - that was normalized as a nice flow rate.... But then they don't ask me :^(.

Ha!! Great news for the Amungee shallower formation area on the northern portion of the basin!! Congratulations Alex and Beetaloo Energy

Sydney, Dec 22, 2025 - (ABN Newswire) - Beetaloo Energy Australia Limited (ASX:BTL) (OTCMKTS:EEGUF) announced that Carpentaria-5H has achieved a peak gas flow rate of 11.2 TJ/day, the second-highest 30-day average flow rate in the basin of 7.1 TJ/day and an exit flowrate of 6.3 TJ/day, con firming a very low rate of decline over the 30-day clean-up test.

Beetaloo Energy has implemented basin-lea ding flowback methodologies to preserve fracture conductivity and maximise long-term well productivity. This approach utilises a restricted choke that extends the clean-up period, which has delivered a more than five-fold increase in fracture conductivity compared with the previous Carpentaria wells.

Clean-up of the frac fluid from the fracture system is ongoing with the gas-to-wate r ratio continuing to improve throughout the 30-day test period with over 23 percent of the frac fluid recovered to date. Once frac fluid clean-up was achieved at the prior two Carpentaria wells, materially higher gas flowrates were observed, with Ca rpentaria-3H recording a 30 percent increase in gas flow rate during the post clean-up IP30 flow test.

"We are highly encouraged to have achieved one of the highest flow rates in the history of the Beetaloo Basin while C-5H is still cleaning-up, demonstrating that the well is likely to be a strong long-term producer. We have deployed a disciplined flow-back strategy with a consistent choke setting since the second day of the tes t period, to maintain fracture conductivity for long-term well performance while the well dewaters. Total gas recovery is also likely to be enhanced by the 60% increase observed in permeability across the Carpentaria region.

Newtofo: Jemena's indication of soliciting the Beetaloo stakeholders' interest in this 370km extension is great news for any potential farm-down partner. The ability to flow gas in late 2026 or 2027 certainly would change the economics of any future drilling programs. One would think Tamboran and the new farm-down partner, whoever that might be, would definitely have an interest in this proposed extension.

Tnbird: Oh, I am just sitting back watching the crazies rant and rave. All this surprised me just as much as others. I'm hearing that POQ got in a serious cash crunch with the APA bond requirement and couldn't raise the cash in a timely fashion - IMO, he should have seen this coming and perhaps he did but there was no white knight to save him - enter Tamboran/Sheffield stage left. Nor am I excited about the way Falcon gave away all the ORRI benefit - that 4+% ORRI is worth huge amounts of money going forward. I think Tamboran should be offering serious consideration for that ORRI and POQ should have demanded more stock in exchange. Too add insult to injury, what's the deal with Tamboran offering their shareholders a 4% discount - not sure how that works? I am also not pleased with what I am hearing about all the compensation going to Falcon's directors in hiding - they have added nothing to transaction - most should see their options expire worthless. Parts of this merger smell to me, and possibly also Gasprom, but then at the end of the day I still have all my interest in the Beetaloo which is what I have always wanted. IMO, we lost the quick upside potential but gained more solid footing with the Shefields/Tamboran. I think we are in good hands, and the future is bright for all that elect to hold their Tamboran shares though all these upcoming news cycles. So, yea, like many of us I don't like a lot of the details, but all in all, I'm comfortable with the outcome. Just gotta change my thinking, my hat and put back on my rose-colored glasses. I haven't lost any sleep over this deal. GLA

Just a thought on your analysis of the number of wells required to meet the demands of a third train - INPEX or other similar company is not required to drill/produce that gas. I'm thinking they could contract for XX% of a well(s) production. Any company(s) would be willing to sell the max gas allowed to Darwin as the pricing for LNG contracted gas would be higher than domestic gas. Once production meets the needs for domestic demand, any excess gas will be contracted at LNG pricing. So, assuming your calculations are correct, and wells are dual completed, possibly 400 - 600 wells could meet your 10TCF. Once our E&P companies get a handle on punching these wells into the ground, they can drill DUCs (drilled but uncompleted) wells and when a pipeline is in place go back and begin fracking/completing them - such as Tamboran is currently doing with the pilot wells. That type of DUC drilling ties up lots of capital so it's certainly going to be a major's game!

Fun thoughts - now if we can just get that first $1 billion dollars!

HardrockF: Could the ‘Soutdhern Company’s’ lack of a contract for access to the pipeline lie in the fact that the APA portion of the pipeline is relatively full and, as previously stated, all the APA could accept is the 40(60?)mmcf/d take or pay reserved for the ‘s pilot production? That’s. Just a guess on my part.

Eaglerbf: I think your best bet would be Interactive Brokers. They are by far the lowest cost per share. I'm invested in an AI auto trading platform company, OmniFund2 , the only firm we have an API with is Interactive Brokers because of their lowest commission cost structure at the best fills.

805Slooow and Longknife: Really!! Where have you two guys been the last few years? Maybe someone will patiently take the time to address your comments - just not me - not tonight anyway.

Newtofo: Nice recap of Philip's Q&A session. This is the most positive I have seen our CEO in quite some time - one of these days his persuasive story is going to fall on the right set of ears. With all the positive milestones coming up in the next 12-18 months I suspect Falcon will see good things on the horizon. Like our CEO indicated, Falcon's future looks to be bright going forward and he listed some of the positive news events upcoming over the next 1-2 years - each of these events present a window to add to the story in promoting Falcon to the market.

I have been told that the AGM was well attended with positive feedback from those in attendance. Furthermore, all the ballet initiatives passed by 93%-97% which indicates to me that this board is not a fair representation of the stockholders as a whole :^) Everyone stay positive, patient and enjoy the next 12 -18 months. GLA

DPrussky: Looks encouraging - let's hope they get some really good numbers out of this well. The more good news for this eastern flank the better for the Beetaloo as a whole.

Hardrock - Thats great news on the SS3H well - hopefully they didn't have to 'pinch' the casing diameter too much. Fingers crossed that they will frack two wells this year - we could all use the good news! Thanks for sharing.

Longknife: Hmmm! Seems your exit plan has changed a bit - as I recall you were exiting stage right at US $.30/share - lock, stock and barrel! - now you will begin taking 'some off the table' at US $.30. Nothing wrong with that and I support your thinking. Possibly B2B's story and optimism is rubbing off :^)

For what it's worth, we are not going to get our dreamed about price until we can monetize our acreage - POQ has always made this point. I think we will rock along with reasonable price increases as these pilot wells are completed and the farm-down is done, only to wake up someday with a nice buyout offer on the table. I hope you and others will stick around to see that day.

I also agree with you that it might be difficult to get out of this stock between $.10 and US $.30 cents. Lots of folks have been stuck in this stock between .10 and .20 for many years -- good lord, I can barely recall the $.35 days back in 2013-2014(??). For what it's worth, I'm 'stuck' in this stock at $.15 so I share your frustration, but I still have on my rose-colored glasses. Good Luck!

Newtofo: Fun numbers to think about. What we don't know is the 120/180 flow rate numbers. Of course the farther out the flow rate we have the easier it is to project a decline curve. These wells look very stable so far but we should expect them to decline overtime. I would think Tamboran could project a guesstimate decline rate based on Marcellus and general projections based on the limited data they have. I was told one time that an engineer needs about 6 months of data to draw the curve. on these shale wells I wonder if the Chat GBT could draw a projected decline curve for these wells? Thanks for taking the time to share this information. I am not an engineer so take my comments what its worth!!

Dprussky: Let's all pray for this stock to double so poor Mr. Dprussky can break-even or even make a couple of hundred dollars on his small small stake - let me open the case on my miniature violin so I can play him a sad sad song!

B2B: I've got some conflicts this year and unable to attend the AGM. You guys enjoy - looking forward to hearing your report.

Frackme: Thanks for the info. I am wondering if a 'new area' might be defined by the first well in one of the larger original checkerboards - just a guess. If so, there might only be about 13 new areas??

If these pilot wells prove up as we suspect, interest is going to build in the Beetaloo. As B2B mentioned, if Empire's wells prove to be commercial, then that helps prove us the shallower depths - we have already seen hints of that with the normalized Amungee 1H well which is in an even a deeper area. It's not going to take too many Marcellus type wells to build interests in the Beetaloo Basin. It's my opinion that the acreage value iwill increase in valuable as time passes and way faster than any companies are going to drill up 50 DSUs - even if there are that many 22K blocks. These companies can't afford to drill and complete all these wells before they have the production infrastructure - as I understand it, one doesn't want to drill, frack a gas well without immediately producing it. Also, If a public companydoes this, the stockholders would go bonkers! My main point being if there are several commercial wells in several (define several) areas then a major (Shell?), a national (Inpex) needing gas for LNG plants will scoop up Falcon's 22.5% - these companies are looking for molecules - not operators. Incidentally, the Sheffield's had a solid reputation in West Texas - they were not known to screw their partners - karma can come around pretty quick in the oil field.

Your scenario has some points but dollars to doughnuts, it will be years before that could play out. By that time, Falcon will either be sold, be a royalty trust, or a non-op company. The longer Falcon can stay in the raft in our sea of sharks the better as all the acreage value is going to do is increase in value with each successful well.

Longknife: Falcon is 'all in' for all new DSUs - 22.5%. I'm sure there are agreements in place that define Falcon's right to participate at 22.5% interest - Falcon can then elect to participate anywhere between 0 and 22.5%. This would likely be by a signed notice by Falcon. In practicality, I wouldn't see Falcon opting to get back into a DSU or increasing their percentage - the contract penalties would prohibit that economically. I don't understand how Falcon would go about decreasing its percentage once the DSU starts drilling - I would think they could just go non-consent, all their rights are defined under the joint operating agreement which we do not have access. This might be a good question to ask Philip.

As far as tying up a DSU - that would mean having to file a permit with the NT, get all the environmental approvals and then have so many days to spud the well - one can't tie up a DSU by simply driving a stake in the ground or parking their car or equipment. These companies prime concern is to make money and develop a DSU in an orderly fashion - not try to screw Falcon. These wells cost tens of millions of dollars - you don't make your plans and capital commitments based of how to squeeze out or mess with a joint venture partner.

You make some valid points - History has shown that things never progress at the speed we expect/hope for - Origin/TAM has proven that truth! Also, Falcon doesn't have many options currently..... but we do have approx. 687 6400/acre DSU's and the sole-risk-clause in our favor. When the time is right Falcon will take the appropriate action.

Longknife: I ought to let this lie, but Newtofo had an important point that some are missing. Future companies are not going to drill a well here and there willy nilly - anymore than Tamboran would jump out and drill 100 km from their pilot program. They are going to focus on drilling several wells in an area similar to what Tamboran and 'Empire' have done - that offers them the ability to efficiently grow outward and expand their pipeline in an orderly manner. I for one would love to see numerous operators jump into the Beetaloo and 'drill it up' but that's not going to happen in the next few years. The chance of Falcon losing even 5% of the DSU is not a likely scenario. If in fact different operators jump in and prove up different parts of the Beetaloo, then Falcon's acreage becomes more valuable - a Major US operator, National oil company or a sovereign wealth fund will make Falcon a reasonable offer on their remaining acreage far faster than Falcon is going to be losing a few DSUs - it's all about the eventual sale price. Let these other guys prove this us - I would rather get $2,000/acre for 670 DSUs than $500/acre for 687. This is how Texaco and others checkerboarded their acreage - let others take the risk. As an aside, it is very likely that any company doing the 409,000 acre farm-down from Tamboran will make an offer on Falcon's 22.5% - whether that be a carry/money or both, Falcon could very easily find themselves in the proverbial cat-birds seat in any negotiation. Let's let this all play out - this DSU setup and sole-risk-clause seems to have been the perfect hand dealt Falcon - we have a great poker player holding the cards - Falcon is in good shape.

805slo: Would have , Could have, Should have! Hindsight on investments is always 20/20. I don't have all the answers, but I know Mr. Riddle has spent close to a billion dollars and has, until just recently, only completed one 500 meter horizontal well along with a salvaged 50% of his only other 'successful' well. As I understand it, the skin issue, the casing issue were Mr. Riddle's fault. Also, not common knowledge, Riddle tried to play the skining issue excuse on POQ and Sheffield. I was the one who initially talked to the guy who designed the frack job and he told me it was Tamboran and their refusal to hire the frack designer to oversee the job - they decided to save $45K by doing it themselves - that was a $30+ million dollar mistake. There were several major missteps in performing the frack and it resulted in the complete loss of the well - if you recall I was the first to bring this to light on the board and told you guys the well was a total loss while Riddle was saying it was a skin issue and could be repaired. Riddle is not all you built him up to be as he got caught trying to cover up the mistake. Furthermore, when a drilling company cannot manage to successfully complete wells the problem goes to the top. The market had lost faith in Riddle - thus the inability to only raise 50% on the initial stock offering - things only went downhill from there. Tamboran was going to have to shake things up to regain the markets support and capital - that's what the board did in releasing JR and appointing more of the Pioneer group to the board - most importantly Scott Sheffield. As to your Falcon being forced out scenario, Sheffield and group cannot force Falcon out of the game - that sole risk clause is worth the world to Falcon. Falcon can sit on their thumbs as long as they want - Tamboran and/or the Sheffields can't drill up acreage fast enough to hurt Falcon's net in 4.6 million acres. As these groups drill and have more success, Falcon's acreage just keeps going up in value - let the other guys prove up the acreage. If Falcon wants to participate, they have the right to jump back in on any new block at any time - thus a possible AMEX listing in the US. Good for you with a .10 average cost. With my holdings, the best I could do was get my earlier purchases down to .15 average - I'm comfortable with that and sleep well at night. The Beetaloo is going to make both of us a nice amount of money. I can't wait to watch this game play out. Gold Luck - appreciate the dialog.