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'Zero return': government savaged over taxpayer grants to open up new gas basin in Australia

Zero return : government savaged over taxpayer grants to open up new gas basin in Australia
Adam Morton and Ben Butler
© Provided by The Guardian
Photograph: Bloomberg/Bloomberg via Getty Images
The Morrison government has been accused of embarking on an “expensive plan for a climate catastrophe” after it announced it would pay the gas industry up to $50m to speed up exploration in the Northern Territory.
The commitment, revealed on Thursday, also prompted warnings that taxpayers’ money could flow offshore to companies linked to tax havens and a Russian oligarch.
Keith Pitt, the federal minister for resources, water and northern Australia, said the government would offer grants to accelerate exploration and development in the NT’s Beetaloo basin, which lies south of Katherine and has been estimated to hold more than 200,000 petajoules of gas. ....

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Tamboran Acquires Strategic Beetaloo Assets and Raises A$10 Million - ABN Newswire (@ABN_Newswire)

Tamboran Acquires Strategic Beetaloo Assets and Raises A$10 Million

Acquires Strategic Beetaloo Assets and Raises A$10 MillionSydney, Dec 10, 2020 AEST (ABN Newswire) - Tamboran Resources Limited ( Tamboran or the Company ) is pleased to announce the acquisition of Sweetpea Petroleum Pty Ltd ( Sweetpea or the Acquisition ).
- Tamboran has acquired Sweetpea Petroleum in an all-scrip transaction
- Acquisition expands resource holdings in the core of the Beetaloo Basin
- Tamboran regains its role as a 100% Working Interest owner and operator
- US and European institutional investors fund A$10 million in a private placement
Tamboran will acquire all of the shares in Sweetpea in exchange for Tamboran equity (no cash) issued to Longview Petroleum LLC, ( Longview ) holder of 100% of Sweetpea, resulting in Longview owning 29.95% of Tamboran post transaction. ....

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