(WO) — Formentera Partners, together with its Australian operating company Daly Waters Energy (DWE) and INPEX Pty Ltd., has contracted a new Helmerich & Payne (H&P) FlexRig to support appraisal and development activities in Australia’s Beetaloo basin.
The rig, expected to arrive during the second quarter of 2027, will become H&P’s second operating rig in the Beetaloo basin and its third in Australia. The long-term agreement secures drilling capacity through the end of the decade, with an option to extend operations through 2032.
The HP-480 FlexRig is designed for extended-reach unconventional wells and features pad drilling capabilities and integrated automation technology intended to improve drilling efficiency and reduce downtime between wells.
“Bringing another H&P rig to Australia shows the confidence we have in the rapid growth and development of the Beetaloo basin,” said Bryan Sheffield, managing partner of Formentera. “With three H&P FlexRigs now operating in Australia, we are focused on this next phase of growth, with the ability to scale quickly and bring down the cost curve.”
The rig deployment builds on a strategic collaboration announced earlier this year between Formentera, DWE and INPEX to accelerate development of the Northern Territory’s unconventional gas resources. The partners said the project combines U.S. shale development expertise with INPEX’s LNG experience to support future domestic gas supply and potential LNG exports.
Since entering the Beetaloo basin in 2022, Formentera has assembled approximately 1.9 million net acres of unconventional acreage. The company said appraisal drilling has demonstrated multi-trillion-cubic-foot resource potential across several development areas.
Formentera, DWE and Tamboran Resources also hold a long-term gas supply agreement with the Northern Territory government for 40 MMcfd, with first gas targeted for the third quarter of 2026.
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