Sydney, Australia, Sep 13, 2023 - (ABN Newswire) - Empire Energy Group Ltd'S (ASX:EEG) (OTCMKTS:EEGUF) Beetaloo footprint is comparable in size to significant portions of the core areas of the Marcellus Shale play in the Appalachian Basin.
More than 9,000 wells are producing from similar depths to Empire Beetaloo play (~34 percent of all Marcellus wells) across both core areas
The majority of the more than 27,000 producing Marcellus Shale wells are less than 2,250 metres below ground level
Marcellus shale producing acreage has typically transacted at US$5,000 to US$25,000 per acre2. Empire is valued at ~US$70 per acre based on the Carpentaria Project and Western Beetaloo Project alone
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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
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