Quarterly Activities Report
Sydney, Oct 30, 2024 AEST (ABN Newswire) - Empire Energy Group Ltd (
ASX:EEG) (EEGUF:OTCMKTS) provide the Quarterly Activities Report for the period ending September 2024.
Highlights for the Quarter
- Planning for Carpentaria-5H ("C-5H") drilling, stimulation and tie-in continues in anticipation of November commencement
- Ensign Rig 965 contracted to drill and Halliburton contracted to fracture stimulate C-5H (see Empire ASX release dated 10 September 2024)
- Long lead items including drill casing and wellhead have been secured
- Empire signed a 10 year binding Gas Sales Agreement with the Northern Territory Government to supply 25TJ per day from Carpentaria pilot project commencing in 2025, plus an additional 10 TJ+ per day "Option Supply"
- Empire is focused on delivering final investment decision for the Carpentaria Pilot Project, and commencement of gas deliveries from mid-2025, subject to receipt of all regulatory approvals
- Research and Development Tax Offset of $4.0 million in cash received after Quarterend
- Cash at the end of the Quarter was $39.8 million
Comments from Managing Director Alex Underwood:
"During the Quarter, the Empire team has been focused on preparation for delivering the Carpentaria-5H pilot development well later this year and the installation of the Carpentaria Gas Plant in 2025. We have executed drilling and stimulation contracts with leading service providers and the long-lead items have been ordered.
We have all approvals in place for the drilling and stimulation of Carpentaria-5H and we are progressing approvals for the commencement of gas sales through the plant into the McArthur River Gas Pipeline with the Northern Territory Government and the Northern Land Council on behalf of traditional owners.
The financing process previously disclosed to shareholders is proceeding well. We have selected a preferred financier and will update shareholders once the process reaches its conclusion.
Following consultation with traditional owners in August, we are pleased that some of the traditional owners are working on our Carpentaria-5H well pad site as we prepare for the upcoming work program. This is consistent with our strategy to maximise the benefits of our activities for local landholders and communities.
We are grateful to the newly elected NT Government for its strong support for Empire Energy and the Beetaloo Basin as a whole, a key pillar of its economic growth plans for the Territory.
We look forward to updating shareholders shortly when we commence drilling Carpentaria-5H."
About Beetaloo Energy Australia Limited
Beetaloo Energy Australia Limited (ASX:BTL) (OTCMKTS:EEGUF) holds 28.9 million acres of highly prospective exploration tenements in the McArthur Basin and Beetaloo Sub-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 around 80%, has enormous conventional and unconventional hydrocarbon potential. The Beetaloo Sub-basin, in which Beetaloo Energy holds a substantial position, has world-class hydrocarbon volumes in place and a ramp up in industry activity to appraise substantial discoveries already made by major Australian oil and gas operators is ongoing.
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