While Begg was keeping the specifics of his plans close to his chest, he said a backdoor listing was the preferred option, in part because the ASX has restricted pathways for using shell companies in other sectors in favour of preferring cleanskins.
"We have a number of candidates that we are discussing the details with, and we are close to pressing the button on that," he said.
"These things usually take a bit of time, but there has been quite a lot of interest, and we expect to move forward quite soon."
It will be an oil and gas junior that does not to need to change its focus.
"We will revitalise the company, bring in our assets and strategy that we are bringing together," he said.
Begg admits the timeline is tight to get a company listed, one of which is a January 25 deadline for BNE to exercise an option to move from 10% to 20% of the Dempsey-1 exploration/appraisal well in return for funding up to 30.5% of the well, around $1.6 million.
Yet he said the opportunity in the Sacramento Basin was simply too good to ignore.
"We have been pursuing entry to Dempsey for some time and are excited by both the gas resource metrics and the potential to fast track development," he said.
"BNE is effectively buying into, via the drill bit, an under‐capacity gas production facility sitting above a robust structure with multiple gas reservoir targets that has been defined by 3D seismic.
"It seems incredible that despite all the historic evidence of a deeper gas system in the gas prolific Sacramento Basin, only some 16 wells have been drilled to the levels SGC and BNE are targeting.
"Further, that the Dempsey ‐1 will be the first such well to be drilled guided by 3D seismic."
Begg said the 1Tcf potential of Dempsey fit in with BNE's strategy of pursuing overlooked gas plays near active gas markets and related infrastructure.
While the farm-in is contingent on Begg being comfortable that BNE will join the ASX, he said it was important to give his partners in California some certainly before the drilling of Dempsey.
"Sacgasco obviously want to see the certainty of dealing with a listed company. The timing is such that the drilling of the well in April/May is not far away, and we need to be able to plan internally and to provide Sacgasco with enough notice to get their planning in order as well," he said.
Once BNE presses the button there will be about six-weeks to raise the funds, deal with shareholders and complete the process.
BNE is backed by Hartleys, and Begg said there has been good support for two seed raisings at 2.5 cents and 5cps since late March 2016.
"We have three good prospects now, and the potential for more."
Beyond Dempsey, BNE has the Sacramento Basin Area of Mutual Interest agreement with Sacgasco and Xstate Resources which is predicated around seeking lookalikes for Dempsey and the Walyering gas project in Western Australia.
At Walyering, BNE is taking on a 70% stake for carrying out 3D seismic over the previously produced gas field.
Beyond early stage discussions around potentially joining the Alvares exploration and appraisal opportunity with Sacgasco, Begg said he was hoping to add in another project in California before the planned capital raising.
"Our theme is gas near infrastructure in the Asian Pacific, currently Australia and California, and we're hopeful we'll participate in two wells this year," he said.
BNE's IPO comes as East West Energy is pursuing its own backdoor listing, transforming Convergent Minerals into a US oiler, and Interpose Holdings has secured a small stake in a gas-condensate drilling project to remain in the oil and gas sector.
There are a number of near-shells on the ASX including Azonto Petroleum, Entek Energy and Jacka Resources that could service as a new vehicle for Begg.
