Beetaloo Energy Australia Limited (ASX:BTL) is a gas development company, with onshore Northern Territory (NT) gas exploration and development assets. BTL has the largest tenement position in the highly prospective Greater McArthur Basin, which includes the Beetaloo Sub-basin. Two recently announced farm-in deals between the private company, Formentera Partners, INPEX (Inpex Corporation [1605.T]) and Tamboran Resources (ASX:TBN) have established a transaction benchmark for high quality/derisked Beetaloo tenements ranging from ~US$2,850-5,500 per acre. The INPEX transaction is particularly important, as an arm’s length deal with a reputable international, LNG producer. These deals establish an initial and tangible valuation range for the play and by definition, we suggest set a minimum price for a gas development opportunity at scale, with look through upside implications for other Beetaloo play operators. The first phase of the INPEX deal adds four wells at up to US$208m to the regional drilling campaign set to commence in H2’2026 which we suggest, could be up to 10 wells in total. INPEX adds fresh eyes and capital to the play on an investment and corporate basis. These deals front-run a more significant Tamboran farmout process and perhaps raises the bar as the entry price for additional new players. The commercial gas potential is not going to be resource limited and as production data accrues and more wells are drilled, the transition from a pre-development to a probability play could also accelerate.