A natural gas pipeline. Source: Adobe Stock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

Top End Energy (ASX:TEE) has announced its receipt of approval from the Northern Territory (NT) government to snatch up permits in the Beetaloo Basin from Rinehart’s Hancock Prospecting.

All things in order, the allowance will see TEE move practically next door to Tamboran Resources (ASX:TBN). The latter recently listed on the New York Stock Exchange (NYSE) to tap US markets for funding to develop the play.

The NT government is expecting the Beetaloo Basin to be a big revenue maker for its own coffers once production is fully underway, given it’s one of the largest untapped hydrocarbon basins in Australia.

And, as with all things Texas of the South (Australia,) it’s massive – possibly containing hundreds of trillions of cubic feet of gas.

Now that the NT government has approved the sale and purchase agreement (SPA) between Top End and Hancock, the former is an inch closer to potentially leveraging that gas basin’s development.

Of course, one is left to wonder by Rinehart wants to get rid of the acreage.

“The parties will now move forward to completion of the Transaction once deeds of assignment and assumption for key existing agreements have been executed,” Top End wrote on Tuesday.

TEE last traded at 11.5cps.

TEE by the numbers
More From The Market Online
The Market Online Video

ASX Market Close: Bourse finishes week on a high as Wisetech pummeled | November 22, 2024

The ASX200 closed up 0.85% at 8,393 points. Economists increasingly expect interest rates in Australia won’t…
The Market Online Video

HotCopper Highlights: Your most watched stocks for Week 47, 2024

In this segment we’ll look at the top stocks HotCopper users have been watching, and discussing,…
Nuclear explosion mushroom cloud concept

Week 47 Wrap: HotCopper users’ most watched; Brent lifts on Putin’s scary letter; RFK dents CSL

Welcome to the end of another week. Let's start with what HotCopper users have been watching…
Dale Gillham's photo, and wording 'Words from Wealth Within's Chief Analyst Dale Gillham.

Dale Gillham’s weekly wrap: Sigma-Chemist Warehouse merger creates pharma powerhouse

The $8.8 billion dollar merger between Sigma Healthcare and Chemist Warehouse is poised to reshape the Australian pharmacy landscape, consolidating power in th…