Power Water Corporation Gas Sales and Transportation MOU
Sydney, Nov 1, 2021 AEST (ABN Newswire) - Empire Energy Group Limited (
ASX:EEG) (EEGUF:OTCMKTS) is pleased to announce that it has executed a gas sales and transportation memorandum of understanding ("MOU") with Power and Water Corporation ("Power and Water").
Power and Water is a Northern Territory Government owned corporation and is the Northern Territory's largest provider of gas, electricity networks, water and sewerage services. Its gas unit buys gas from producers for onward supply to electricity generators and major gas users across Northern Australia. Power and Water reported revenues and EBITDA for the financial year ended 30 June 2021 of $810.8 million and $222.0 million, respectively.
The MOU is in relation to gas to be produced from Empire's Northern Territory assets following award of production licenses, including EP187 and Empire's newly acquired Western Beetaloo tenements, and transportation services for gas delivered from EP187. The execution of the MOU aligns with Empire's commercialisation strategy for its Beetaloo Sub-basin assets.
The MOU facilitates negotiations in good faith for potential gas sales and transportation arrangements.
To view the map detailing Empire's Beetaloo Sub-basin permits, and Power and Water's McArthur River Pipeline, please visit:
https://abnnewswire.net/lnk/041331O9
About Empire Energy Group Ltd
Empire Energy (ASX:EEG) (OTCMKTS:EEGUF) 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. The Pilot has a targeted sales gas rate of up to 25 TJ per day utilising the existing McArthur River Pipeline.
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