Unlocking Down Under’s Northern Giant - A Vital New Energy Supply for Australian and East Asian Energy Security

Project New Frontier, led by Gulf Energy Pty Ltd, is a major upstream gas opportunity focused on unlocking the untapped potential of the Bamaga Basin in Far North Queensland. The exploration permit Q/23P covers 7,000 square kilometres of shallow water just 150 kilometres from the coast and sits atop what could become one of Australia’s most valuable remaining gas provinces. Based on extensive seismic, inversion modelling, and geochemical studies, the permit is estimated to contain 13.2 trillion cubic feet (Tcf) of recoverable gas resources in the Base Case and up to 36 Tcf in the High Case. At the centre is the Lion Prospect — a structurally robust, four-way dip closure estimated to hold 3.8–10.3 Tcf of gas resources. Gulf Energy has completed all technical pre-drill work, and the Lion Prospect is now ready to be drilled pending final approvals and rig availability.

Screenshot of a news report from Sky News dated March 28, 2025, with headlines about Australia's energy crisis and running out of gas, including articles about power failures, wind farm output, energy transition risks, and government actions to secure gas supply, accompanied by images of a city skyline, gas stove, electricity transmission towers, and a gas plant.

The timing of this project intersects directly with a national energy challenge. Australia’s east coast — home to its largest population centres and industrial base — faces a long-term gas supply crisis. The Australian Energy Market Operator (AEMO) projects seasonal shortfalls beginning in 2028, escalating into structural deficits from 2029. These shortages threaten electricity reliability, industrial output, and energy affordability. Crucially, redirecting existing LNG exports to the domestic market is not a viable solution — aggregate supply is insufficient. Gulf Energy’s Q/23P offers a new northern source of gas that could be directed into east coast demand centres or support regional industrial development, relieving pressure on both domestic consumption and LNG export obligations.

A presentation slide highlighting Gulf Energy's project in Australia, focusing on a potential 36 trillion cubic feet of gas, the fourth largest remaining gas resource, in a hydrocarbon system with seismic and rock-source evidence backing Tier-1 targets. The slide mentions a $50 million investment for high-impact exploration.
Bamaga Basin highlighting hydrocarbons and drilling depths, including notes on hydrocarbon system, seismic data, and gas reserves.
Graph showing Southern states gas supply and demand outlook from 2026 to 2036, indicating declining production and increasing unfulfilled demand, with annotations highlighting supply deficiency in 2036.
A bar chart showing the projected high demand for gas on the east coast from 2024 to 2043, with the demand split into residential and commercial, industrial, and gas-powered generation, with a forecast around 450 petajoules annually until 2043.
A financial infographic showing Japan liquefied natural gas imports from 2010 to 2023 and South Korea's annual LNG imports by major countries from 2011 to 2023, with accompanying text about Australia's increasing reliance on Australian gas and risks related to gas supply disruptions.
A presentation slide titled 'Responding to Decades of Imminent Gas Shortages' features a list of benefits on the left side, including high-impact basin, hydraulic system, ideal location in Australia, shallow water, low cost, and low carbon emissions. The right side contains a geological illustration with labels indicating the top of Bamaga Basin sediments, prospective sediments, the eastern boundary of Bamaga Basin, and the bottom of the basin. A small inset map shows the region in Australia.
A scientific infographic showing seismic data and analysis related to a high-impact lion prospect well. It includes a depth structure map with labeled features, seismic reflection profiles with annotations for P-impedance anomalies and probable gas spill extent, and a graph illustrating the potential gas trap area.
A scientific presentation slide showing the detection of active wet-gas generation and migration from the Bamaga Basin, with data on wet gas to gas condensate ratios, diagrams of sediment analysis, photographs of fluid inclusions, and cross-section migration routes.
Slide titled 'Lion-1 Offshore Exploration Investment Opportunity' with a graphic of an offshore oil rig and ships. Contains bullet points about ROI assumptions: recoverable gas volume, LNG price assumptions, operating and logistics costs, development cost exclusion, and initial capital investment.
An infographic about financial breakdown and capital allocation for an oil drilling project, with a schematic illustration of an offshore oil rig, labeled as Queen's Land oil platform in the Gulf of Carpentaria near Weipa.
Financial metrics slide showing resource and market data, including recoverable gas volume, LNG price assumption, operational and logistics cost, initial capital expenditure, and financial details such as investment, revenue, costs, earnings, tax rate, net profit, and exploration ROI of 72.5.