CEO Alex Underwood Explains the Energy Opportunity in the Northern Territory
Empire recently sold down its producing US areas to focus its resources on unlocking the vast reserves of NT gas have become a priority for larger energy companies like Santos and Origin. The company is one of the smaller and most active in the field and is currently acquiring seismic data to inform 2020 drilling. The discoveries offer the potential for new stand-alone LNG exports to nearby Asia markets, the supply of lower-cost gas to eastern markets, and liquid fuels self-sufficiency for Australia, and will form an important component in the development of Northern Australia.
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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.
Origin Energy Limited
Empire Energy Group Ltd