<h1>Equus Gas Oil and Gas Project (Western Australia,Australia)</h1><p>The Equus Gas Oil and Gas Project is an offshore conventional oil and gas project in Western Australia,Australia,operated by Equus Energy. The project is classified as discovered,meaning it has identified and appraised hydrocarbon resources but has not yet entered commercial production. It is located in the Northern Carnarvon Basin on the North West Shelf,approximately 200 kilometres northwest of Onslow. The project is a large undeveloped gas and condensate resource positioned between major offshore infrastructure systems serving Western Australia’s domestic gas market and LNG export industry.</p><p>The project was discovered in 2008 and is associated with permits WA-390-P and WA-70R. Equus Energy holds 100% ownership and has been advancing a modular,phased development strategy intended to use existing offshore and onshore infrastructure instead of building a fully greenfield liquefaction or processing chain. Pre-FEED progress,potential tie-back options to Pluto or Varanus Island infrastructure,and a funding and domestic gas sales agreement with Alcoa of Australia have been disclosed to support studies through to a future final investment decision.</p><h2>Quick Facts</h2><table><colgroup><col/><col/></colgroup><tbody><tr><th>Item</th><th>Detail</th></tr><tr><td>Project Name</td><td>Equus Gas Oil and Gas Project</td></tr><tr><td>Country</td><td>Australia</td></tr><tr><td>Subnational Unit</td><td>Western Australia</td></tr><tr><td>Fuel Type</td><td>Oil and gas</td></tr><tr><td>Production Type</td><td>Conventional</td></tr><tr><td>Status</td><td>Discovered</td></tr><tr><td>Operator</td><td>Equus Energy</td></tr><tr><td>Owner(s)</td><td>Equus Energy Ltd Co 100%</td></tr><tr><td>Onshore/Offshore</td><td>Offshore</td></tr><tr><td>Discovery Year</td><td>2008</td></tr></tbody></table><h2>Location and Basin</h2><p>The project is located offshore Western Australia in the Northern Carnarvon Basin on the North West Shelf,approximately 200 kilometres northwest of Onslow. The Northern Carnarvon Basin is one of Australia’s most prolific offshore hydrocarbon basins,containing major gas and condensate resources and linked to LNG infrastructure at Karratha,Pluto,Gorgon,Wheatstone,and other processing systems. The Equus project is associated with permits WA-390-P and WA-70R. Reference to a broader title position including WA-474-P,WA-518-P,and WA-519-P appears in historical public materials.</p><h2>Ownership and Operatorship</h2><p>Equus Energy is the operator and 100% owner of the project. National Offshore Petroleum Titles Administrator approval confirmed Equus Energy as the approved owner and operator. The company became publicly listed on the Australian Securities Exchange (ticker EQU) in December 2025 after completing a public offer and acquisition-related approvals. The project was originally acquired from Hess Corporation by Western Gas in 2017. Equus Energy later acquired Western Gas,with the transaction completed in December 2025.</p><h2>Development History</h2><table><colgroup><col/><col/><col/></colgroup><tbody><tr><th>Milestone</th><th>Year</th><th>Details</th></tr><tr><td>Discovery milestone</td><td>2008</td><td>The Equus resource was discovered during Hess-led exploration and appraisal activity in the Carnarvon Basin.</td></tr><tr><td>Development milestone</td><td>2017</td><td>Western Gas acquired the Equus Gas Project from Hess Corporation and became operator of the titles.</td></tr><tr><td>Recent status milestone</td><td>2025</td><td>Equus Energy completed acquisition and ASX re-admission steps,secured Alcoa-linked funding support,and reported the project as a large undeveloped discovered resource.</td></tr></tbody></table><p>The Equus project originated as a Hess-led offshore gas and condensate discovery and appraisal position. Western Gas advanced development concepts after acquisition in 2017,including earlier plans involving offshore production,export pipeline infrastructure,and floating LNG-linked processing. By 2019,a concept involving production wells tied back to an FPSO,a dry gas export pipeline,and floating LNG infrastructure near Onslow was described. That concept was not brought to production,and later strategy shifted toward leveraging existing infrastructure. In 2022,non-binding agreements related to potential gas processing through Pluto LNG and the North West Shelf system were signed. Under Equus Energy,the concept evolved further,with 2025 and 2026 materials emphasizing a modular phased tie-back approach with options involving Pluto or Varanus Island infrastructure.</p><h2>Infrastructure and Facilities</h2><p>The Equus project does not have producing infrastructure in operation. Current pre-FEED materials identify two main tie-back development concepts: an Equus-to-Pluto development and an Equus-to-Varanus Island development. The Equus-to-Pluto concept would involve tie-back to Woodside-operated Pluto offshore infrastructure,with access to Pluto LNG Train 1,the Karratha Gas Plant through the Pluto-Karratha Gas Plant interconnector,and Western Australia’s domestic gas market through the Dampier to Bunbury Natural Gas Pipeline. The Equus-to-Varanus Island concept would involve tie-back to Santos-operated offshore infrastructure and processing at the Varanus Island gas plant. Pre-FEED summary describes a gross production capacity of approximately 350 MMscf per day,an initial development of up to five subsea wells at startup,subsea production systems feeding a centrally located FPSO,upstream processing and stabilization of condensate,tanker offtake for condensate,and dry gas export through a new offshore pipeline to either Pluto or Varanus Island infrastructure under tolling arrangements.</p><h2>Production and Reserves</h2><p>The project has no confirmed commercial production start year. It remains a discovered and appraised resource. Equus Energy reports an independently certified 2C contingent resource of approximately 1.7 Tcf of gas and 38 million barrels of condensate (RISC reporting dated October 2025). Company ASX materials present 1C,2C and 3C contingent-resource cases for export gas and condensate. Global Energy Monitor lists gas reserves of 56,634 million cubic meters and condensate reserves of 42 million barrels with a 2018 data year,broadly aligning with earlier public resource descriptions of approximately 2 Tcf of gas and 42 million barrels of condensate. Equus Energy’s 2026 pre-FEED materials describe a concept designed to supply up to approximately 50 TJ per day of domestic gas,around 2 Mtpa of LNG,and around 12,000 barrels per day of condensate at startup,conditional on development and approval.</p><h2>Recent Developments</h2><p>In September 2025,Western Gas and Alcoa of Australia signed funding and domestic gas sales agreements for the Equus Gas Project. The funding arrangement provides staged support of up to US$30 million for pre-FEED and FEED studies. The associated gas sales arrangement gives Alcoa an exclusive right to approximately 50 TJ per day of gas for 10 years if the project proceeds. In December 2025,Equus Energy commenced trading on the Australian Securities Exchange after a A$15 million public offer and NOPTA approval for its acquisition of the Equus project. In May 2026,Equus Energy reported positive pre-FEED results supporting development of the North West Shelf project,assessing two capital-efficient tie-back concepts to Pluto and Varanus Island. The company identified commercialisation,partnering,and positioning for FEED as the next focus areas.</p><h2>Sources</h2><ul><li><p><a href="https://www.gem.wiki/Equus_Gas_Oil_and_Gas_Project_(Western_Australia,_Australia)" rel="nofollow noopener" target="_blank">Global Energy Monitor: Equus Gas Oil and Gas Project (Western Australia,Australia)</a></p></li><li><p><a href="https://equusenergy.com.au/projects/equus-gas-project/" rel="nofollow noopener" target="_blank">Equus Energy: Equus Gas Project</a></p></li><li><p><a href="https://equusenergy.com.au/corporate/about/" rel="nofollow noopener" target="_blank">Equus Energy: About</a></p></li><li><p><a href="https://wcsecure.weblink.com.au/clients/equusenergy/headline.aspx?headlineid=61304078" rel="nofollow noopener" target="_blank">Equus Energy: ASX Trading and Project Acquisition Announcement</a></p></li><li><p><a href="https://wcsecure.weblink.com.au/pdf/EQU/03089479.pdf" rel="nofollow noopener" target="_blank">Equus Energy: Positive Pre-FEED Results Support Equus Development</a></p></li><li><p><a href="https://www.nopsema.gov.au/sites/default/files/documents/2021-04/A691099.pdf" rel="nofollow noopener" target="_blank">Western Gas Submission to NOPSEMA on Scarborough Offshore Project Proposal</a></p></li><li><p><a href="https://www.gem.wiki/Equus_Gas_Pipeline" rel="nofollow noopener" target="_blank">Global Energy Monitor: Equus Gas Pipeline</a></p></li><li><p><a href="https://www.energy-pedia.com/news/australia/western-gas-and-alcoa-enter-funding-and-domestic-gas-sales-agreements-for-equus-gas-project-201178" rel="nofollow noopener" target="_blank">Energy-pedia: Western Gas and Alcoa Funding and Domestic Gas Sales Agreements</a></p></li><li><p><a href="https://www.offshore-technology.com/projects/equus-gas-project/" rel="nofollow noopener" target="_blank">Offshore Technology: Equus Gas Project,Carnarvon Basin,Offshore Australia</a></p></li></ul>

IEPTC reference profile for Equus Gas Oil and Gas in Western Australia,Australia,covering asset type,location,development status,and upstream industry context.

Equus Gas Oil and Gas Project (Western Australia,Australia)

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Equus Gas Oil and Gas Project (Western Australia,Australia)

Equus Gas Oil and Gas Project (Western Australia,Australia)

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