Liberty Petroleum Says Australian Exploration Zone May Hold Untapped Helium Reserves as Global Shortage Deepens

Company's 20-million-acre Officer Basin position, already targeted for oil and gas, could also
hold significant helium, an irreplaceable element now in short supply after Iranian strikes
crippled Qatar's production

PHOENIX, Aug. 17, 2026 /PRNewswire/ -- As a global helium shortage squeezes hospitals, chipmakers and U.S. defense manufacturers, Liberty Petroleum Corporation says a major oil and gas exploration position in Western Australia may also hold significant, previously overlooked helium reserves.

Liberty affiliate Petro Quest Australia holds rights to five contiguous exploration permits spanning more than 20 million acres in the Officer Basin. Dr. Stuart Lake, Liberty's Chief Consulting Geologist, estimates the area holds a risked resource potential of up to 11 billion barrels of oil equivalent and 7.4 trillion cubic feet of natural gas. Lake said the company's review of 22 mapped prospects in sub-salt plays also points to potential helium volumes as high as 959 billion cubic feet.

"The petroleum potential of this area is significant, and it's becoming clear the added potential for helium and hydrogen could rival the value of the oil and gas resource itself," said Lane Franks, Liberty Petroleum's co-founder, President and CEO.

The disclosure comes as the world confronts what analysts are calling one of the most severe helium shortages on record. In March 2026, Iranian missile strikes on Qatar's Ras Laffan Industrial City damaged the Pearl GTL facility, a major source of the country's helium output. QatarEnergy has said the attacks cut the country's LNG export capacity by roughly 17% and could take three to five years to fully repair. Qatar alone accounts for close to a third of global helium supply.

The disruption also lands less than two years after the U.S. sold its Federal Helium Reserve, the century-old government stockpile in Amarillo, Texas, to private industry in 2024. Helium has no synthetic substitute and is essential to MRI machines, semiconductor manufacturing, rocket launches and multiple defense systems.

"Helium cannot be manufactured, and it's a hidden chokepoint in chip fabrication and a host of other technologies and weapon systems," said Trent Franks, Liberty Petroleum's board chairman and a former U.S. congressman who served as vice chairman of the House Armed Services Subcommittee on Strategic Forces. "It is inseparable from America's national security."

Liberty Petroleum and partner Mangat Group are now evaluating whether to extend the depth and scope of their planned petroleum drilling program to also test for helium.

"If we're able to confirm helium and hydrogen reserves at the scale we hope for, this is a footprint large enough to move the needle on a worldwide shortage," said Tony Mangat, president of Mangat Group.

Liberty's exploration strategy relies on conventional, shallow-well targets that require no fracking or directional drilling. The company is nearing completion of Native Title agreements with Aboriginal groups, a milestone that would clear the way for Western Australia regulators to proceed to full grant and drilling permits.

About Petro Quest Australia

Petro Quest Australia is a privately held oil and gas exploration company and an affiliate of Liberty Petroleum Corporation. With more than three decades of exploration experience in Australia, Liberty Petroleum/Petro Quest remains committed to responsible development, strong partnerships, and innovative energy discovery. For more information, visit libertypetroleumcorp.com.

About Mangat Group

Mangat Group is a vertically integrated construction, development and investment platform headquartered in Glendale, Arizona. The company controls the full development cycle, from site selection and entitlement through construction and long-term ownership, giving developers, investors and lenders a single point of accountability from raw land to finished asset. Mangat Group holds Arizona ROC license #355208 and has active projects across the Phoenix metro area and beyond. Beyond construction and real estate investment, the company's interests span education, health and wellness, hospitality and restaurant franchising, and philanthropic giving. More information is available at mangatgroup.com.

SOURCE The Mangat Group