Equus Gas Project
A large-scale discovered and appraised gas resource on the North West Shelf, positioned to supply a vital new source of gas for WA’s LNG plants and domestic gas market.
Background on Equus Energy
On 6 June 2025, Equus Energy Ltd (Company) entered into a binding Acquisition Agreement to directly acquire 100% of the issued shares in Western Gas Corporation Pty Ltd, Western Gas (70 R) Pty Ltd and Western Gas (474 P) Pty Ltd (WG Subsidiaries). The WG Subsidiaries hold the gas retention lease and exploration permits which comprise the Equus Gas Project.
Equus Gas Project
The Equus Gas Project (Equus or Project), is a large-scale discovered and appraised gas resource on the North West Shelf (NWS), offshore of Karratha, Western Australia (WA).
Equus remains one of the largest undeveloped gas resources on the North West Shelf, located adjacent to Woodside’s Scarborough Gas Project that is currently under development and scheduled for first gas in late 2026.
The Equus resource has been independently certified at 1.7 Tcf of gas and 38 mmbbls condensate (2C Contingent Resource, RISC 14 October 2025), the Company considers it a highly strategic resource capable of supplying a vital new source of gas for WA’s existing LNG plants and domestic gas market.
The Project is designed as a modular, phased development that leverages existing offshore and onshore infrastructure to minimise capital outlay and accelerate delivery.
The Project is well positioned to supply both WA’s domestic gas market and the international LNG market, with multiple opportunities to backfill existing gas and LNG processing infrastructure on the NWS.
ALCOA FUNDING & GAS SALES AGREEMENT
On 4 September 2025, Western Gas and Alcoa of Australia (Alcoa) signed a binding conditional funding agreement for the Equus Gas Project.
The conditional funding of up to US$30 million (approximately AU$46 million) will support pre-Front-End Engineering Design (FEED) and FEED studies, and subject to their outcome, progression of regulatory approvals and project partnering.
Subject to the Project moving to production, Western Gas has made a commitment to make available to Alcoa about 50 terajoules of gas per day from the Equus Gas Project for 10 years, equivalent to about 182 petajoules over the contract life.
This would cover approximately 25 per cent of Alcoa’s long-term gas requirements for alumina processing operations at Alcoa’s WA refineries.