2019 Annual Report
In 2019 we made significant progress executing our strategy for value creation, which is focused on:
1. Debt reduction and the optimisation of our US assets to focus on our world-class Northern Territory McArthur and Beetaloo Basin position;
2. Building upon our Northern Territory asset base focused on upstream oil and gas through strategic investment in the exploration, appraisal and development of our McArthur and Beetaloo Basin assets and potentially others consistent with the capital capacity of Empire Energy and its partners; and
3. Building a Board of Directors and management team with the experience and capability to guide Empire through what we believe will be a significant and sustained period of growth.
Having repositioned the Company since 2018, the Board and management team have established a platform for longer term growth notwithstanding poor capital market conditions caused by COVID-19 and oil market instability. We consider the future of the Beetaloo and McArthur Basins to have very high value.
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About Empire Energy Group Ltd
Empire Energy (ASX:EEG) (OTCMKTS:EEGUF) holds over 14.5 million acres of highly prospective exploration tenements in the McArthur and Beetaloo Basins, Northern Territory. Work undertaken by the Company since 2010 demonstrates that the Eastern depositional Trough of the McArthur Basin, of which the Company holds 80% has very considerable conventional and unconventional hydrocarbon potential. The Beetaloo sub-Basin, in which Empire holds a substantial position, has independently assessed world class hydrocarbon volumes in place with a major ramp up in industry activity underway to appraise substantial discoveries already made by major Australian oil and gas operators.
Empire Energy is an experienced conventional oil and gas producer with operations in the Appalachia region (New York and Pennsylvania). Empire has been successfully developing and producing oil and gas since 2006.
Empire Energy Group Ltd