Quarterly Activities Report
Highlights of Q2 2020 include:
- Locking in the well pad location and initiating site preparation for the drilling of the Carpentaria-1 well in EP187 for commencement of drilling operations late Q3 2020
- Long-lead items such as the wellhead and drill pipe for the Carpentaria-1 well ordered after the end of the Quarter
- Leading oil and gas industry professional, Mr Peter Cleary appointed as a Non-Executive Director
- Netherland Sewell & Associates independent resource report assesses that Empire holds a total best estimate Prospective Resource of 13.46Tcf across its Northern Territory properties, including over 2.3Tcf in the Velkerri Shale and 14 million barrels of oil equivalent in the liquids rich Kyalla Shale
- The Territory Economic Reconstruction Commission interim report stated strong support for the development of the onshore gas industry in the Northern Territory
- Further Empire Director share buying during the Quarter
Empire has on issue 36,218,754 unlisted options at A$0.30 per share expiring on 26 September
Comments from Managing Director Alex Underwood: Having demonstrated that the shales of the Beetaloo Sub-basin extend into EP187 following the 2019 2D seismic program, our team has had a busy quarter preparing for the upcoming drilling campaign. Our well to be drilled in EP187, Carpentaria-1, will be only the second well drilled in the Beetaloo Sub-basin since the lifting of the fracking moratorium.
The first well, Kyalla-117, was a horizontal well drilled by Origin Energy which is expected to be fracture stimulated and flow tested later this year. We have commenced the preparatory works for the upcoming drilling program including selection of a preferred drilling contractor and ordering of long-lead items including casing and a well head. Civil construction will commence shortly and we expect to mobilise the rig to site within weeks. The drilling of Carpentaria-1 is a defining moment for our Company.
It represents the culmination of over 2 years' work building our financial capacity and Board and management capabilities. We look forward to commencing the drilling program and sharing the results with shareholders soon.
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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