Quarterly Activities Report
Sydney, July 18, 2023 AEST (ABN Newswire) - "The Empire Energy Group Ltd (
ASX:EEG) (EEGUF:OTCMKTS) team has had another successful Quarter, highlighted by a substantial increase in independently assessed EP187 contingent resources following the successful 2022 field programs.
The flow test results achieved at Carpentaria-2H and Carpentaria-3H (with further flow testing to start soon), and drilling results at Carpentaria-4V, establish a solid platform upon which the Empire team is now progressing towards pilot production in EP187.
Production declines from the existing sources of gas supply into the Northern Territory and Mount Isa markets demonstrate the critical importance of bringing new sources of low reservoir CO2 gas into the market. Empire is in a leading position to contribute to this enduring supply challenge and remains confident that it will be the first operator in the Beetaloo to enter into commercial production.
While Empire's team carries out its work to seek the Board's approval to enter into pilot production, we are keenly aware of the importance of being responsible stewards of our shareholders' capital, particularly in light of challenging capital market conditions.
With cash balances materially enhanced during the Quarter, and further inflows anticipated later this year as described below, Empire has sufficient cash at bank to fund the value-accretive work we are doing to reach a final investment decision for the EP187 pilot project later this year.
We look forward to sharing further field results and achievement of key commercial milestones as we progress towards maiden Beetaloo commercial production.
Comments from Managing Director Alex Underwood.
*To view the Quarterly Report, please visit:
https://abnnewswire.net/lnk/K5E5455Y
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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