Interim Report
30 June 2024
Chairman’s Letter
Dear Fellow Shareholders I am pleased to take this opportunity to share with you my views and priorities for the future of our Company.
Black Mountain Energy Ltd is an energy and resources Company focused on natural gas exploration, development and production, which was founded on the premise that unconventional oil and gas reservoirs could be developed safely and commercially in Australia.
During the period, the Company delisted from the Australian Securities Exchange on 15 March 2024, with a key focus on reducing costs and addressing the large disparity between the project valuation and the market capitalisation while listed.
Our long term strategy is to continue to develop the Company’s flagship asset in the Canning Basin, Project Valhalla, which remains potentially one of the world’s last large scale onshore unconventional undeveloped gas projects.
During the period, the Company has lodged its Environmental Review Document (ERD) submission with the Western Australia Environmental Protection Agency (EPA), and it has received approval to enter into the public review period commencing on or around 12 August 2024.
The Project has additionally been referred to the Department of Climate Change, Energy, the Environmental and Water (DCCEEW).
In addition, to progressing the ERD and federal referral the Company has been progressing technical workflows utilizing advanced geophysical techniques, which will be used to help with the design and planning around acquiring new seismic data and ultimately drilling wells.
The Company continues to engage with traditional owners and build on established relationships by increasing knowledge and understanding of the cultural heritage within the region. We continue to recognise the ongoing support of the traditional owners.
On behalf of the board, I thank shareholders for their continued patience and support.
As a fellow shareholder, I continue to be excited by the journey that lays ahead of us. The Company remains well funded with approximately $6.4m in cash and we remain focussed on progressing Project Valhalla.
Thank you,
Rhett Bennett
Executive Chairman and Chief Executive Officer
13 September 2024
ABOUT BLACK MOUNTAIN ENERGY
Black Mountain Energy Ltd is focused on sustainable development of oil and gas projects onshore Australia, led by a team of highly experienced upstream oil and gas professionals. The Black Mountain Group is a major shareholder of BME, specializing in identifying and capturing high-growth opportunities in the global energy sector.
Black Mountain recognises Aboriginal and Torres Strait Islander peoples as Australia’s first peoples. We acknowledge the unique connection that First Nations peoples have to land, waters and the environment. We extend this recognition and respect to First Nations peoples and communities around the world.