Sydney, Australia, July 18, 2023 - (ABN Newswire) - "The Empire Energy Group Ltd (ASX:EEG) (OTCMKTS:EEGUF) 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) 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.
Contact:
Empire Energy Group Ltd
E: info@empiregp.net
T: +61-2-9251-1846
F: +61-2-9251-0244
WWW: www.empireenergygroup.net
Source:
Empire Energy Group Ltd
Copyright (C) 2023 ABN Newswire. All rights reserved.
© 2024 Canjex Publishing Ltd. All rights reserved.