SEAAOC Conference Presentation
Sydney, Aug 24, 2022 AEST (ABN Newswire) - Empire Energy Group Ltd (
ASX:EEG) (EEGUF:OTCMKTS) Managing Director, Alex Underwood, is today presenting to the South East Asia Australia Offshore & Onshore Conference ("SEAAOC") in Darwin.
A copy of his presentation which outlines the steps to be taken by the Company in pursuit of its objective to reach production and commercial cash flow is linked below.
Following the Company's successful Placement and Share Purchase Plan ("SPP") to raise $30 million (gross) for Empire, the balance sheet now includes a total cash balance of $38.7 million, recently enhanced by receipt of grant funding. Empire intends to utilize these funds towards the appraisal of its Beetaloo Basin holdings and for working capital. Empire Directors have agreed to invest $520,000 subject to shareholder approval. Empire is financially well positioned to execute the largest work program in the Company's history. The Board awaits with anticipation, appraisal results from the 2022 work program including Carpentaria-2H, the company's first horizontal hydraulically stimulated well. This could be transformational for the Company.
Global gas markets remain tight and prices at decade highs ahead of the northern hemisphere winter, a time of year when gas demand rises.
To view the presentation, please visit:
https://www.abnnewswire.net/lnk/1U228B61
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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