Additional Helmerich & Payne FlexRig® supports growing development in the Northern Territory’s Beetaloo Basin

Formentera Partners, its Australian operating company, Daly Waters Energy (DWE), and INPEX Pty Ltd (INPEX) today announced that, together with Helmerich & Payne (NYSE:HP), they have contracted an H&P FlexRig® for operations in Australia. This agreement is a key milestone and provides critical drilling capacity as the partners advance the Beetaloo Basin into its next phase of appraisal and development. The rig is expected to arrive during the second quarter of 2027.

Contract highlights:

H&P’s second operating rig in the Beetaloo Basin and its third operating in Australia, reflecting growing international operator confidence in the region.
Secures rig capacity through the end of the decade, with the option to extend to 2032, providing the rig certainty needed for a sustained, multi-year exploration and development program.
The HP-480 FlexRig® is a super-spec rig that is engineered for extended-reach laterals of more than 20,000 feet with 5.5-inch casing.
The rig’s skiddable substructure allows it to move between drilling locations on a pad, significantly reducing downtime between wells.
H&P’s integrated automation technology standardizes execution across crews, improving wellbore quality and rate of penetration.

"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. "H&P has been with us since the beginning and is a strong partner in advancing U.S. shale technology in Australia. With three H&P flex rigs 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. This is the kind of investment you make when the resource is real and the path to a large-scale natural gas development for domestic use and future LNG export is becoming even clearer."

"We are excited to expand our partnership with Formentera and Daly Waters Energy as development activity in the Beetaloo Basin continues to advance," said John Bell, EVP, Eastern Hemisphere Land Operations, Helmerich & Payne. "The addition of a third FlexRig® in Australia and our second in the Beetaloo Basin underscores our commitment to providing industry-leading drilling technology and operational excellence to support safe, efficient, and reliable operations. We look forward to continuing our work together unlocking the huge potential in the Beetaloo."

Strategic Collaboration with Global Impact

Formentera and DWE announced a strategic collaboration with INPEX in March 2026 to accelerate development of the Beetaloo Basin. The H&P rig addition is the latest milestone combining Formentera’s leading shale expertise, DWE’s experience in the Northern Territory, and INPEX’s global LNG capabilities.

"Through this collaboration, we are bringing together proven U.S. shale technology and global energy market expertise to help explore the potential for new domestic gas supply for Australia while supporting prospective future LNG exports to key Indo-Pacific markets," said Tetsu Murayama, Managing Director, Country Chair Australia at INPEX. "Securing additional drilling capacity demonstrates the confidence this collaboration has in the long-term development potential of the Beetaloo Basin."

Rapid Development

Since entering the play in 2022, Formentera has assembled one of the largest contiguous onshore unconventional acreage positions in the Beetaloo, spanning 1.9 million net acres. The position shares key characteristics with prolific U.S. basins such as the Marcellus Shale in Pennsylvania. A multi-well appraisal program has demonstrated multi-TCF resource potential across key development areas.

The Path for First Gas

Formentera, Daly Waters, and Tamboran Resources have a long-term gas supply contract with the Northern Territory Government for 40 million cubic feet per day (MMcf/d), with first sales targeted for the third quarter of 2026. Over the longer term, the Beetaloo’s scale and location position it to serve higher-demand population and industrial centers along Australia’s East Coast, as well as to backfill and expand LNG export capacity.

About Formentera

Formentera Partners is a global E&P operator with an in-house private equity platform. Formentera produces approximately 70,000 barrels of oil equivalent per day on approximately 3 million gross acres globally, with balanced commodity exposure. Based in Austin, Texas, the firm directly employs more than 300 people and manages more than $2.9 billion in total investor commitments. Formentera has deep experience in operations, capital allocation and financing applying a battle-tested, value-creation playbook to high-quality proven assets creating meaningful return of capital.

For more information, visit: https://www.formenterapartners.com

About Daly Waters Energy

DWE, backed by Formentera Partners, is a leading exploration and production company focused on the Beetaloo Basin in Australia’s Northern Territory. DWE entered the Beetaloo Basin in 2022 through a joint venture with Tamboran Resources and has more than 1.9 million net acres in the core of the basin. DWE will operate some of the best acreage in the Beetaloo Basin once its retention license applications are approved, likely in Q4 2026.

For more information, visit: https://www.dalywaters.com

About INPEX

INPEX is Japan’s largest exploration and production (E&P) company, engaged in the development and operation of oil and gas projects worldwide. We are committed to contributing to a brighter future by delivering energy in a sustainable way. As part of this commitment, we are also engaging in lower-carbon solutions such as CCS, hydrogen and integrated power supply, while pursuing new opportunities in the evolving energy landscape.

For more information, visit: https://www.inpex.com/english/

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Investor & US Media Contact:

Lindsey Heintz

lheintz@formenterapartners.com

Investor & Australia Media Contact:

David Close

david.close@dalywaters.com