EQUUS ENERGY LTD (EQU) - From Listing To Landmark Deal: How Equus Plans To Power WA And Asia
Thu Feb 05 2026
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A newly listed small cap with a giant resource, a blue-chip funding partner, and a market hungry for reliable gas—this conversation with Equus Energy’s Will Barker gets right to the heart of how strategic timing can transform a project into a regional anchor. We unpack the Equus Gas Project on Western Australia’s Northwest Shelf, a mature, independently certified 2C contingent resource of 1.7 TCF of gas plus condensate, located alongside Gorgon, Io‑Jansz, Pluto and Scarborough. With over US$1.5 billion already invested in appraisal and studies, Equus now targets existing infrastructure to compress timelines and reduce development risk, aiming to supply both LNG backfill and domestic gas.
Will explains how Equus’s current valuation implies around 24 cents per barrel of oil equivalent—far below several offshore peers with smaller certified resources—setting up a potential re-rating if the team delivers milestones. A key driver is a landmark arrangement with Alcoa, Western Australia’s largest gas buyer, providing over US$30 million in staged funding to advance feasibility, commercial work, partner selection and offtakes. This is not debt or prepayment; it’s a strategic commitment that secures exclusivity over Equus’s domestic gas obligation and signals confidence from a major industrial customer at a time when WA faces a looming gas shortfall.
We also dive into the roadmap ahead: completing feasibility, updating economics, launching a structured partnering process, selling down at the project level to bring in an operator with balance sheet strength, and progressing gas offtake and infrastructure agreements. For listeners tracking ASX energy, LNG backfill, and domestic gas security, this is a clear, data-rich look at how a 100% owned resource can be transformed into long-term supply for Asia and Australia. If you value grounded strategy, real milestones, and market timing, you’ll find plenty to analyse here. Enjoy the conversation, then follow and subscribe—leave a quick review to tell us what milestone you’re watching next.
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Send us a text A newly listed small cap with a giant resource, a blue-chip funding partner, and a market hungry for reliable gas—this conversation with Equus Energy’s Will Barker gets right to the heart of how strategic timing can transform a project into a regional anchor. We unpack the Equus Gas Project on Western Australia’s Northwest Shelf, a mature, independently certified 2C contingent resource of 1.7 TCF of gas plus condensate, located alongside Gorgon, Io‑Jansz, Pluto and Scarborough. With over US$1.5 billion already invested in appraisal and studies, Equus now targets existing infrastructure to compress timelines and reduce development risk, aiming to supply both LNG backfill and domestic gas. Will explains how Equus’s current valuation implies around 24 cents per barrel of oil equivalent—far below several offshore peers with smaller certified resources—setting up a potential re-rating if the team delivers milestones. A key driver is a landmark arrangement with Alcoa, Western Australia’s largest gas buyer, providing over US$30 million in staged funding to advance feasibility, commercial work, partner selection and offtakes. This is not debt or prepayment; it’s a strategic commitment that secures exclusivity over Equus’s domestic gas obligation and signals confidence from a major industrial customer at a time when WA faces a looming gas shortfall. We also dive into the roadmap ahead: completing feasibility, updating economics, launching a structured partnering process, selling down at the project level to bring in an operator with balance sheet strength, and progressing gas offtake and infrastructure agreements. For listeners tracking ASX energy, LNG backfill, and domestic gas security, this is a clear, data-rich look at how a 100% owned resource can be transformed into long-term supply for Asia and Australia. If you value grounded strategy, real milestones, and market timing, you’ll find plenty to analyse here. Enjoy the conversation, then follow and subscribe—leave a quick review to tell us what milestone you’re watching next.