Subject to final approval of the EMP currently being considered by the Northern Territory Government, Empire Energy Group Ltd (
Following completion of the Pangaea and EMG NT acquisition, the Empire team is carrying out further analysis and planning over the acquired Western Beetaloo acreage. Around $110 million has been spent on these areas by the Pangaea / EMG joint venture. The extensive technical data is being integrated with Empire's existing dataset. The Empire team is preparing to further engage with the stakeholders including pastoralists and Traditional Owners in the core areas this year, ahead of proposed on-ground activities commencing in 2022, to progress preferred horizontal drilling locations.
Strong positive sentiment in the global gas sector has been evidenced by trading indexes now trading at multi-year highs. The widely-watched LNG forward curve, the Japan / Korea Marker (Platts), is trading above US$20 / mmbtu for the coming northern hemisphere winter, with LNG spot prices falling below just US$2 / mmbtu in June 2020 (Platts).
LNG prices are expected to remain strong due to several factors including: (i) a warm Northern Hemisphere summer increasing power demand for cooling and drawing down on storages depleted by a cold winter; (ii) commodity traders seeking to replenish gas inventories ahead of the coming northern winter; (iii) Asia's accelerating economic recovery; and (iv) coal to gas switching policies in Asia to reduce emissions and encourage clean air.
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About Empire Energy Group Ltd
Empire Energy (ASX:EEG) (OTCMKTS:EEGUF) is a Sydney based Australian oil and gas company holding 100%-owned and operated assets with unconventional targets in the Northern Territory Beetaloo Sub-basin and central trough of the McArthur Basin.
Empire is an active Beetaloo Sub-basin operator, focused on maturing its assets to production. Following the successful appraisal drilling and flow testing of the Carpentaria-2H and 3H wells in Empire's EP187, Empire is targeting first gas flow in H1 2025 at its Carpentaria Pilot Project. The Pilot has a targeted sales gas rate of up to 25 TJ per day utilising the existing McArthur River Pipeline.
Contact
Empire Energy Group LtdE: info@empiregp.net
T: +61-2-9251-1846
F: +61-2-9251-0244
WWW: www.empireenergygroup.net
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