WELCOME TO EMPIRE ENERGY GROUP
Empire Energy Group Limited (ASX:EEG) 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 (“Pilot”). The Pilot has a targeted sales gas rate of up to 25 TJ per day utilising the existing McArthur River Pipeline.
The Empire team is making material progress on the Carpentaria Pilot Project, advancing:
- Field Development Planning, including identifying locations for and the design of development wells and surface facilities;
- Pipeline access negotiations;
- A formal gas sales marketing process;
- Regulatory and indigenous approvals; and
- Planning for project financing.
Empire is proud of its role in the exploration and appraisal of the world-class Beetaloo Sub-basin and, together with the acquisition of Pangaea (NT) Pty Ltd, has invested ~$A200 million on-ground in the Northern Territory to explore and appraise the Beetaloo. This investment has contributed to generating economic opportunities for the regions, traditional owners and all Territorians. Our company has established strong connections with businesses and communities in the Northern Territory and is working hard to progress further opportunities as the project activities continue.
Empire Energy has been a member of the Australian Energy Producers since 2018.
“The acquisition of the Rosalind Park Gas Plant from AGL was a highlight of the Quarter. The plant has a design capacity of 42 TJ / day, which is well in excess of the capacity required for Empire’s up to 25 TJ / day EP187 pilot project. Empire expects that it will be able to reduce the timeline to first gas by ~12 months and potentially save more than $30 million compared to new build options given current global supply chain constraints.The receipt of $15.6 million in cash during the Quarter from the 2023 R&D tax refund bolstered Empire’s cash balance and allowed the company to reduce outstanding debt. The funds remaining after debt repayment will be applied to the work Empire is doing to reach a final investment decision (“FID”) for the EP187 pilot project and towards the purchase of long-lead items.The Empire team has commenced the new year with a key focus on reaching FID in the coming months. In the success case, this would see project construction activities occurring in the second half of calendar 2024 and first gas sales in 2025.Gas sales negotiations are proceeding well, regulatory approval documentation will soon be submitted to the NT regulators, and community consultation is continuing.Empire is focused on financing the pilot project in a manner that minimizes dilution of shareholders’ interests in the company, with the potential to farming out an interest in the project, and securing project financing following execution of a gas sales agreement.We look forward to updating shareholders as we progress these initiatives.” Comments from Managing Director, Alex Underwood, from the December 2023 quarterly report.
What is Shale Oil & Gas
Shale oil and gas are hydrocarbons sourced and trapped within shale formations. Shales are fine grained sedimentary rocks rich in organic matter that through burial and maturation over long geologic periods generate hydrocarbons. This is unlike conventional oil and gas fields where the hydrocarbons move through permeable formations migrating into reservoirs. In the case of shale oil and gas the shale is both the source and reservoir. To achieve commercial flow rates the lateral wells are drilled horizontally along the productive horizon and then hydraulically stimulated allowing gas and any liquid “oil” fractions to produce from the formation and to flow to the wellhead.
Empire Energy Group is the leading ASX-listed pure Northern Territory hydrocarbon player offering the most direct market exposure to the exciting future of both the McArthur Basin and its Beetaloo Sub-basin
“The Empire team is pleased to see increasing flow rates at C-3H which replicate the improvements in C-2H flow rates post-soaking. The technical learning that is occurring is rapidly building our understanding of how to develop the Beetaloo’s Velkerri Shale. We believe that this will have positive implications for the productivity of future development wells. We continue to progress our planning for the Carpentaria Pilot Project and are on track to seek a final investment decision from the Board to progress to commercial production from EP187 in the months ahead. In the success case, Empire may commence commercial production from the Beetaloo Basin by early 2025, a time when incremental gas supply into the Northern Territory and Australia’s East Coast will be critical as existing sources of supply decline. Recent announcements to Empire and APA Group detailing the work we are doing together reinforce the opportunity to transport large volumes of low-CO2 Beetaloo gas to the East Coast in years ahead. We look forward to sharing further updates with shareholders on these value accretive work streams in the near term.” Comments from Managing Director, Alex Underwood, from Increased Flow Rates Reported at C-3H, 5th September 2023
" Man has gone out to explore other worlds and other civilizations without having explored his own labyrinth of dark passages and secret chambers, and without finding what lies behind doorways that he himself has sealed. "
— Carlton Sparks, Executive Officer
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