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Empire Energy “tapping into Australia’s hidden gas giant”: Morgans
Last updated: 04:35 03 Jun 2024 BST First Published: 03:51 03 Jun 2024 BST
Written by: Meagan Evans
https://www.proactiveinvestors.co.uk/companies/news/1048913/empire-energy-group-tapping-into-australia-s-hidden-gas-giant-1048913.html
Empire Energy “tapping into Australia’s hidden gas giant”: Morgans
Last updated: 04:35 03 Jun 2024 BST First Published: 03:51 03 Jun 2024 BST
Written by: Meagan Evans
Empire Energy Group Ltd
ASX:EEG
OTC:EEGUF
Empire Energy Group Ltd -
Morgans has reiterated its “Speculative Buy” rating on Empire Energy Group Ltd (ASX:EEG, OTC:EEGUF) as the company transitions to pilot production and subsequently full-scale development at its Carpentaria Gas Project in the Beetaloo Basin in the Northern Territory.
EEG is advancing its plans to drill, frac, test and connect the Carpentaria-5H well in the second half of 2024, with potential for first gas sales in the first half of 2025.
Morgans has maintained its Speculative Buy rating on EEG with a revised target price of A$0.76 (previously A$1.11). The change to the target price reflects a shift to a sum-of-the-parts (SOTP) discounted cash flow (DCF) and in situ valuation from a multiple valuation.
While the share price target has been adjusted lower, it still represents a more than 310% upside on the current share price of 18.5 cents (at time of the report’s release).
The broker has also provided earnings estimates for EEG for the first time.
Morgans says that successful pilot phase production could significantly re-rate EEG, with substantial further upside risk also on offer from the larger development of its extensive 3 million net effective acres in the Beetaloo Basin.
Carpentaria Pilot Project moving ahead
EEG recently completed a capital raising, equipping the company with the funds needed to achieve first sales gas production, which is targeted for the first half of calendar year 2025.
The company’s bolstered cash reserves will also allow for the construction of essential midstream facilities and a gas gathering network.
EEG is now transitioning to pilot production and subsequently full-scale development at its Carpentaria Gas Project following successful appraisal drilling and high-flow rates from Carpentaria-2H and Carpentaria-3H wells.
The pilot program is focused on the drilling, fracture stimulation, and production testing of the Carpentaria-5H (C-5H) well. This will be the longest horizontal shale well (3,000 metres) and the largest frac job (60 stages) executed in Australia.
Given the scale of the horizontal section and size of the fracs, the C-5H will be important for EEG as it continues to work on developing type curves for the Velkerri B and Velkerri C shale pay zones.
If the C-5H well is successful and produces comparable results to Carpentaria-2H and Carpentaria-3H, EEG will be in a position to start selling gas from the three horizontal wells into the existing McArthur River Gas Pipeline, which has capacity of up to 25TJ/d for the pilot phase.
Importantly, the connection is already installed in the pipeline to allow EEG access for gas sales.
Morgans notes that longer term there is also potential for a larger-scale development of EEG’s Beetaloo interests. Its production scenario model only assumes a portion of EEG’s current resource is ultimately produced.
This could take the form of feeding existing LNG operations that sit in close proximity in NT, with the Beetaloo offering scale but also low CO2 emissions (<1%) which could be a helpful mix for LNG producers in the region dealing with high CO2 levels across their own fields.
Potential price catalysts
Morgans outlined a number of potential price catalysts, saying that they expect 2024 to be a news-heavy year for EEG as it aims to:
execute gas sales and transportation agreements;
contract drilling rig and frac spreads for C-5H;
obtain necessary regulatory and Indigenous approvals;
drill, complete, test and connect the C-5H well;
achieve resource growth/conversion at both Carpentaria and Carpentaria East (with the latter holding material 3C); and
secure debt funding to support construction of surface facilities.
Risks
However, the investment isn’t without risks and given that the Beetaloo Basin is a new gas frontier, and EEG is an early-stage aspiring gas producer, Morgans has a speculative risk profile for EEG.
Key risks highlighted include necessary approvals, drilling and operational risks, and project execution risks to budget and timelines.
Its expectations around development and production are likely to evolve as EEG advances the Carpentaria project towards commercialisation.
Tamboran US IPO??? Is there a merger possible in the works???
https://www.renaissancecapital.com/IPO-Center/News/104529/Australian-listed-natural-gas-EandP-Tamboran-Resources-files-for-a-$100-mil
?
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Post by Ebenizer3on May 04, 2024 12:17pm
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Interesting???...Tamboran IPO???...
https://www.renaissancecapital.com/IPO-Center/News/104529/Australian-listed-natural-gas-EandP-Tamboran-Resources-files-for-a-$100-mil
IPO Center
Australian-listed natural gas E&P Tamboran Resources files for a $100 million US IPO
May 3, 2024
TBN
Tamboran Resources, a natural gas E&P focused on the Beetaloo Basin in the Northern Territory of Australia, filed on Friday with the SEC to raise up to $100 million in an initial public offering. The company is currently listed on the Australian Securities Exchange under the symbol "TBN."
Tamboran Resources is an early stage independent natural gas exploration and production company focused on the commercial development of resources in the Beetaloo Basin located within the Northern Territory of Australia. The company and its working interest partners have exploration permits to approximately 4.7 million contiguous gross acres (approximately 1.9 million net acres to Tamboran) and are currently the largest acreage holder in the Beetaloo.
The Barangaroo, Australia-based company was founded in 2009 and plans to list on the NYSE under the symbol TBN. Tamboran Resources filed confidentially on February 2, 2024. BofA Securities, Citi, and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
Scott Sheffield, Pioneer's former CEO looks like he will be maybe looking for something to do.
Empire Energy Group Ltd (ASX:EEG) Completes $46.8 Million Capital Raise
EMPIRE COMPLETES $46.8 MILLION CAPITAL RAISE CORNERSTONED BY BRYAN SHEFFIELD AND LIBERTY ENERGY
Sydney, April 17, 2024 AEST (ABN Newswire) - Empire Energy Group Ltd (googlechartASX:EEG) (googlechartEEGUF:OTCMKTS) is pleased to announce that it has received binding firm commitments to raise $39 million (before costs) via a strongly supported two-tranche placement of new fully paid ordinary shares ("Shares") to institutional and sophisticated investors at $0.16 per Share ("Placement").
- Commitments received from existing and new institutional and sophisticated investors for a strongly supported two-tranche placement to raise $39 million
- Bryan Sheffield and Liberty Energy Inc (googlechartNYSE:LBRT) ("Liberty Energy") have demonstrated their support for Empire with each investing US$5 million (~A$7.7 million) in the placement
- Daly Waters, a subsidiary of Formentera Partners (a US based private equity firm founded by Bryan Sheffield) and Liberty Energy have each independently acquired a 2.25% royalty interest in EP187 for US$2.5 million (~A$3.9 million) raising an additional US$5 million (~A$7.7 million).
- Empire is now funded to drill a 3km fracture stimulated horizontal pilot development well in EP187 and to further progress engineering and preparation for installation of Carpentaria Pilot Project surface facilities
- Empire anticipates commencement of commercial production and gas sales in 2025
- Empire Directors have demonstrated their continuing support for Empire by committing to invest an additional $325,000 (subject to shareholder approval)
Comments from Managing Director Alex Underwood:
"The Empire team is delighted to have received the support of key US strategic investors in the Beetaloo Basin, alongside investments from new and existing institutional and sophisticated investors under the placement.
Bryan Sheffield and his team have an outstanding track record of value creation in the US shale sector, and they have made significant investments across the Beetaloo Basin. The strategic alignment being created through Bryan's further investments announced today will be of material value to Empire's shareholders.
Liberty Energy is one of the largest providers of hydraulic fracture stimulation services in the US shale market and they will soon be sending a large frac spread to Australia to service the nascent Beetaloo Basin. Liberty also offers industry leading subsurface engineering services to help their customers 'spiral up' from data to value. Working with Liberty will facilitate improved well productivity and cost efficiency as we move from the exploration phase into the production phase.
We are grateful to Bryan and his team, the Liberty team and existing and new shareholders who have participated in this raise for their support.
The Beetaloo Basin is rapidly approaching a key inflection point which I believe will create substantial value for shareholders. We are now well funded to drill, stimulate and flow test our first pilot development well and to progress our field development plans as we aim to commence gas sales in 2025 into the undersupplied Northern Territory market."
Two-Tranche Placement
Blue Ocean Equities Pty Limited and Morgans Corporate Limited acted as the Joint Lead Managers for the Placement.
Sheffield Holdings LP and Liberty Energy have provided cornerstone support, with each investing US$5 million in the Placement.
Empire Directors have also demonstrated their continuing support for Empire by committing to invest an additional $325,000 (subject to shareholder approval).
Placement Details
Empire will issue a total of 243,750,000 Shares at an issue price of $0.16 per Share to raise $39 million (before costs) under the Placement. The issue price represents a discount of:
- 13.5% to Empire's closing share price on Friday 12 April 2024; and
- 9.3% to the 15-day VWAP prior to the trading halt.
The Shares will be issued in two tranches. The first tranche of 193,321,700 Shares will be issued under the Company's existing placement capacity under Listing Rules 7.1 and 7.1A ("Tranche 1"). It is anticipated that settlement of Tranche 1 will occur on Wednesday 24 April 2024 with the Shares being allotted on Friday 26 April 2024.
The second tranche will be subject to shareholder approval at the Company's Annual General Meeting, which is scheduled to occur on or around Tuesday 28 May 2024 and, if approved, will result in the issuance of 50,428,301 Shares ("Tranche 2"). The settlement of Tranche 2 is anticipated to occur on or around Monday 3 June 2024 and allotment is anticipated to occur on or about Wednesday 5 June 2024.
Sale of EP187 Royalty Interests to Daly Waters and Liberty
Empire has also sold 2.25% overriding royalty interests ("ORRI") over the 110,000 acre Carpentaria Project within EP187 on a net-back basis (same formula as NT Government royalty) for US$2.5 million in cash to each of Daly Waters Royalty, LP and Liberty Energy Australia Pty Limited. Funds raised under the royalty transaction will be applied to the development of the Carpentaria Pilot Project in EP187 and for working capital.
All of Empire's other Northern Territory exploration permits remain free of royalties other than to the Northern Territory Government and traditional owners.
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.
Empire Energy Group Ltd
E: info@empiregp.net
T: +61-2-9251-1846
F: +61-2-9251-0244
WWW: www.empireenergygroup.net
https://www.abnnewswire.net/press/en/124853/Empire-Energy-Group-Ltd-(ASX-EEG)-Completes-$468-Million-Capital-Raise.html
Trading halt for CR: here's the details compliments from Holdtight on the Hotcopper board. 4/16/2024@ 9:46 Australia
$30.8m at 16c.
EEG is Australian oil and gas company holding 100% owned andoperated assets with shale gas targets in located onshore Northern TerritoryBeetaloo Sub-basin and central trough of the McArthur Basinc.
This deal comes on the back of yesterday’s news that EEG hascompleted the sale of its US assets for US$9.1m. Followingcompletion of the sale, upfront cash proceeds of US$5.9 million were receivedby EEG and the existing US Macquarie Bank loan of ~US$4.6 million was repaid infull.
Cornerstone support hasbeen obtained from US investors including binding commitments of:
· US$5M from Bryan Sheffield,who was previously Chairman, CEO and Founder of Parsley Energy Inc., a majorindependent shale player in the Permian Basin, Texas.
· US$5M from Liberty Energywho specialises in hydraulic fracturing services and will bring their knowledgeand expertise to Empire’s Carpentaria project.
o Each of Sheffield and Liberty Energy have signed royalty deeds(each royalty deed entailing a 2.25% overriding royalty interest over EP187 forconsideration of US$2.5 million each). Royalty is calculated in accordance withthe NT Government net-back with deductions limited to 30% of gross revenue.
Verbal commitments from major Australian and US institutions havealso been received pre-launch, so I suspect the book is fully covered. Clearlythere is plenty of interest in the Australian shale assets
https://www.smh.com.au/business/companies/empire-leading-the-charge-in-beetaloo-gas-revolution-20240404-p5fhhn.html#amp_tf=From%20%251%24s&aoh=17122346629166&referrer=https%3A%2F%2Fwww.google.com&share=https%3A%2F%2Fwww.smh.com.au%2Fbusiness%2Fcompanies%2Fempire-leading-the-charge-in-beetaloo-gas-revolution-20240404-p5fhhn.html
Empire leading the charge in Beetaloo gas revolution
By Matt Birney
April 4, 2024 — 3.46pm
There’s a quiet revolution taking place in the Australian gas industry and it’s called the “Beetaloo Basin.”
The quaintly named Beetaloo Basin is a vast tract of land in the Northern Territory that is thought to contain almost biblical-scale accumulations of gas that, in time, could almost single-handedly solve the growing gas crisis in the eastern states.
The Beetaloo geological sub-basin lies 500km south-east of Darwin, covers about 28,000 square kilometres in total and stretches across about 350km from west to east.
Some say the Beetaloo is likely harbouring 500 trillion cubic feet (TCF) of gas. To put that in context, WA’s revered North West Shelf offshore oil and gas field, one of the largest investments ever made in Australian hydrocarbons, has only delivered about 18 TCF of gas over time and now has about 6 TCF of gas left.
Whilst the Beetaloo has not yet produced any gas commercially, the race is on to do so and several notable players now hold ground out there where they are looking to prove up flow rates and get into commercial production.
The leader of that pack is probably ASX-listed Empire Energy, the largest landholder in the basin by far, with an extraordinary 3 million net effective acres of ground under its control.
Perhaps even more extraordinary is the $130m market-capped Empire Energy’s prospective resource estimate of 47TCF of gas on its own ground. Whilst the company still has some work to do to get that resource up to reserve status, any part of that number that converts into reserve would still put the North West Shelf’s 6TCF in the shade.
The Beetaloo has been likened geologically to the unconventional Marcellus shale in eastern America. Prior to 2008 the Marcellus shale was considered to have inconsequential natural gas potential but is now believed to hold the largest volume of recoverable natural gas in the United States.
In 2012, the Marcellus Shale became the leading producer of both shale gas and overall natural gas in the United States. Two years later it was pumping out 14.0 billion cubic feet of gas per day (BCFD) and by 2019 it was responsible for producing 21 BCFD.
A fun fact is that Empire’s landholdings in the Beetaloo are roughly similar in size to core areas within the Marcellus shale. Notably, not even the leading producer of gas in the Marcellus shale, the US$16b EQT Corporation, comes close to the scale of Empire’s holdings with its 1m net acres.
Importantly, Empire’s four stacked shale reservoirs amount to a net thickness of more than 300m in the Carpentaria project, five times thicker than the prolific Marcellus shale suite at about 60m.
All of which begs the question, will the Beetaloo flow commercial gas because if it does, it will have a global impact on gas markets.
Empire says it does. The company has now drilled and stimulated two horizontal wells in the Beetaloo, its Carpentaria 2H and 3H wells. Normalised gas flows came in at 3.5 terajoules per day (TJ/d) per 1000m during testing – a number that Empire describes as “excellent.”
Management says after recent basin-wide appraisal drilling by its own field team in addition to industry heavyweights Origin, Tamboran, Empire and Santos, the project is assessed as being commercially viable.
The next big hurdle that all wanna-be gas producers face is infrastructure – i.e. how will they get their gas to market?
Empire’s Carpentaria project is fortunate when it comes to infrastructure. Its holdings basically smother the gas spur line that runs out to the McArthur River Mine to Empire’s east and Empire has already appointed energy infrastructure firm APA Group to commence pre-engineering studies to hook into the pipeline.
This connection would establish a link from the Beetaloo Basin through to APA’s Amadeus Gas Pipeline that pumps gas into Darwin, Alice Springs and regional centres in the Northern Territory.
The grand plan being developed by Empire and APA is to eventually work out how to connect the Beetaloo to the gas-hungry East Coast markets.
Before that happens however, Empire needs to build a pilot plant to commercially operate its 2H and 3H wells at Carpentaria. In December last year the company acquired a pilot plant from AGL who had no further use for its Rosalind gas plant after winding up its Camden Gas project.
Empire paid $2.5m to AGL for the plant that it says would likely have cost $100m, giving it a massive advantage when it comes to commercialisation. That plant has a maximum capacity of 42 TJ/d, albeit the initial plan is to produce 25 TJ/d from the 2H and 3H wells.
It will still have to spend money getting it to site and hooking it into the McArthur River pipeline and the company says a financial investment decision on that scope of work is now imminent.
Management says the 2H and 3H wells cost about $25m each to build however that number will likely be halved when it starts drilling wells at scale. Each well will produce about $80m worth of gas over its life and the company expects to pay the capex down for a well in just two years.
The opportunity for Empire to scale up its Beetaloo gas production is immense if gas flows end up coming out as expected from the early wells. Empire essentially has a three staged plan; initially produce up to 25TJ a day in phase 1 with first revenues of $110m a year expected by 2025 at plateau.
Phase two will see the company pump out 200TJ/d to supply the east coast of Australia that many say is currently experiencing a gas shortage crisis. The goal from phase 3 is to churn out 1BCF of gas a day and supply the LNG export markets. The company reckons it can land LNG in Tokyo Bay for just US$6.50 MMBtu.
And the rub? Well, Empire’s preliminary financial modelling shows a project net present value for phase 2 coming in at A$2.5b and phase three is showing an NPV of wait for it……A$14.5b.
And with the Marcellus shale’s biggest producer in the USA, EQT Corporation, currently valued at around $16b, maybe that phase three NPV is not so mind-boggling, albeit Empire has a lot of drilling and investing to do first and it will need to have its fair share of lady luck on its side when the gas starts to flow.
One thing seems certain however, if gas does successfully flow at commercial rates out of the Beetaloo, with its foot on 3m acres, Empire will have plenty to sell.
A rich resource bounty, but we need to get it right: Alex Underwood
22:20 Wed 14 Jun 2023
Elisha Newell
Empire Energy Group Ltd
ASX:EEG
OTC:EEGUF
Empire Energy Group Ltd - A rich resource bounty, but we need to get it right: Alex Underwood
Managing director Alex Underwood. Source: Empire Energy.
There’s a gigantic gas opportunity shaping up in Australia’s north and Empire Energy Group Ltd (ASX:EEG, OTC:EEGUF) MD Alex Underwood is in the thick of it.
The managing director has been at the helm for five years, transforming the company’s Australian portfolio into the largest acreage position in the NT’s Beetaloo Sub-basin.
Fast forward to today, mere weeks after the Northern Territory Government greenlit fracking in the Beetaloo, and Empire stands on the threshold of a sizeable development opportunity.
In this article:
Back then …
… And now
Gas remains in the mix
Community at the heart
New chapter for the Beetaloo
However, there’s a fine tightrope to walk. While the Beetaloo’s resource bounty represents significant upside, Empire needs to work with the region’s pastoralists and traditional owners to develop a vital asset that creates domestic energy security.
Underwood spoke to Proactive about his personal commitment to responsible production and sheds light on the role gas will play in the green energy revolution.
Back then …
It’s one thing to take a high-performing stock and build on its success. But for Underwood, his leadership journey has meant taking Empire through a 180 transformation.
When Alex joined the company in 2018 it was in a pretty challenging position: its core asset was subject to a moratorium on fracking, which meant no activity could be carried out in the field.
Beyond the situation in the basin, Empire’s finances were also a pain point.
“We had US$38 million of debt and that was secured against US oil and gas production that was only generating about US$4 million a year,” Alex remembers.
“In the office, it was just me and Kylie, our financial controller, who were trying to keep everything going.”
Although things looked bleak, Alex says he was drawn to the challenge.
“I’ve certainly always been a risk taker — often to my mother's great dismay when I was a teenager,” Alex laughs.
Things soon turned around. Shortly after Alex became MD, the moratorium was lifted, paving the way for exploration in the basin.
He also steered the company through an exhaustive recapitalisation process, meaning it could get some money back into the Beetaloo.
Five years on and Empire is leveraged to develop its extensive holding into a low-carbon operation — one that can provide critical energy security amid the east coast’s energy crisis.
Empire’s holding in the Beetaloo Sub-basin.
… And now
In early May, the Northern Territory Government made an announcement that will open the doors to a full-scale onshore gas industry: it’s allowing fracking to go ahead in the Beetaloo Basin.
This is a major development and not just for companies in the region. Last year, the Australian Competition and Consumer Commission (ACCC) reported that an energy crisis on the country’s east coast — triggering widespread supply issues and price hikes — was likely to last through winter 2023.
The ACCC forecast a 70% increase in gas demand for electricity generation, while high international gas prices also hit consumers’ pockets.
This phenomenon underscores the need for reliable domestic gas supply and the Beetaloo’s sizeable gas bounty is well placed to meet demand.
With this in mind, Underwood says the company plans to build on four years of exploration to deliver much-needed supply.
“Beyond the domestic opportunity we hope to increase liquefied natural gas (LNG) exports, already the NT’s largest source of foreign income and a significant contributor to Federal Government revenues,” he stated in early May.
Gas remains in the mix
While the green energy revolution remains front of mind, it’s important to remember the role oil and gas companies will play in global decarbonisation efforts.
“In this increasingly carbon-constrained world, gas is going to be a critical transition fuel,” Underwood notes.
“Ultimately there's going to be a competitive advantage for those sources of gas that have very low CO2.”
That’s where Empire’s focus lies: on building a sustainable, low-carbon operation that supports modern energy requirements.
Earlier this year, the Federal Government introduced safeguard legislation, essentially giving effect to its commitments to reduce Australia's emissions by 43% by 2030 and then ultimately getting to net-zero by 2050.
The mechanism lays down the law on gas supply, paying specific attention to prospective operations in the sub-basin to facilitate cleaner, greener production.
“First of all, gas from the Beetaloo will need to be scope one net-zero from the commencement of production but there's another requirement that new fields that feed gas into existing LNG plants will also need to be net-zero,” Underwood explains.
“We've been working on this in the background for quite some time.”
From Alex’s perspective, gas will always play a role in our modern energy mix.
“The reality is that 82% of all energy usage globally is still hydrocarbon based,” he explains.
“It's very clear to me — and I think a lot of other people in the broader energy industry — that there simply will not be net-zero without an orderly transition from the old system to the new system,” he continues.
That’s ultimately because renewables face one key problem: intermittency. And while battery technology is evolving rapidly, their intensive mineral and infrastructure requirements mean they’re a long way off powering the grid.
Community at the heart
Beyond the traditional carbon credit system, Alex is considering ways the business could reduce its carbon footprint while supporting Northern Territory communities.
“As part of our efforts to be a good corporate citizen and help generate more economic activity, one option we’re looking at is taking the capital that we would otherwise invest [in carbon credits] and helping Northern Territory-based businesses to develop their own carbon farming opportunity.”
One option on the table is human-induced regeneration, which involves planting trees to act as carbon sinks.
“We've had conversations with some of the pastoralists on whose properties we operate to look at that,” Alex says.
Another initiative is savanna burning, which involves deliberate burning in the early dry season to reduce the emissions released in large wildfires.
“For thousands of years, traditional owners have been managing these areas by deliberately setting smaller fires to manage the risk of big fire outbreaks,” he explains.
“It actually results in less carbon release in aggregate because you're more carefully managing the land.”
Considering the resource spoils Australia is known for, Underwood is a big advocate for prospecting our natural wealth with care.
“I believe the key to building a social licence for our industry is to demonstrate the environmental credentials of our products,” he concludes.
Regardless of a workforce’s size, Alex says a responsible operation can have a ripple effect on the local community. Although it may only create a certain number of on-site jobs, the money and people it brings to local businesses can have an exponential effect.
One of the best examples of this kind of impact? For Alex, it’s a motel that’s close to his heart.
The Heartbreak Hotel, Cape Crawford. Source: Heartbreak Hotel.
“There's a roadhouse about 80 Ks down the road from us called the Heartbreak Hotel — a great name for a remote roadhouse,” he laughs.
“They do a great steak by the way, if anyone's in that part of the world. But our activities can result in that business alone — just one business — having a great time, because people are staying there, eating, having a beer after work.
“It's these sorts of opportunities — out in these remote areas where there's little other economic opportunity — where we can actually really make a difference to people's lives.”
Next chapter for Empire
One area where Underwood believes Australia’s energy industry needs to step up is in the way it communicates its role in society.
“There's a bit of a perception about oil and gas, where it's just all of these people in glass towers,” he explains.
“I've seen the way they do it in America — you've got states like Texas and Oklahoma and Kansas where the oil and gas industry is just part of people's daily lives.
“I remember visiting Kansas once and going out to look at one of our fields … you see the nodding donkey wells dotted all over the place and the landowners benefit from it.”
Down under, Underwood says energy companies should talk more about their decarbonisation and ESG initiatives — especially considering Australia’s natural resource endowment.
And with all eyes on the Beetaloo right now, operating with a social licence — and valuing the safety and sustainability of your team — is Alex’s number-one priority.
“This can be a dangerous industry if you don't do things the right way, and I'm very proud of our safety track record.
“I'm ultimately the person responsible for lots of people's safety, and that really requires you to act with integrity.”
With all this in mind, one big question remains: What does Alex see in store for the Beetaloo asset?
“As a company, we are in this for the long haul. We’re not just looking to drill a few wells, de-risk projects and then sell off to a bigger player,” he clarifies.
“We take great inspiration from some of the great Australian success stories … but I think what’s most important is bringing people on the journey.
“We've got all the pieces of the puzzle on the board as it were, and really what we're focused on is bringing them together for what could be a nation building project.
Gas crisis paves accelerated path to production
Meagan Evans
Tue, 13 June 2023 6:06AM
Empire Energy Group has confirmed critical commercial flow rates from its Carpentaria-2H gas well.
Empire Energy Group has confirmed critical commercial flow rates from its Carpentaria-2H gas well. Credit: File
An impending and material cut to the Northern Territory gas supply is exacerbating the looming East Coast gas crisis.
Production at the Blacktip gas field, offshore in northern Australia, has fallen faster than expected, raising fears about energy security both within the NT and further afield.
Gas from Blacktip, which is owned by Italian multinational Eni, is used to generate electricity for Top End users, with any excess piped to East Coast markets. Production peaked in 2019 at about 100 million cubic feet per day and has declined ever since.
It fell by about 50 per cent last year – a trend that has worryingly continued into 2023.
The stark cut in production resulted in a two-month shutdown last year of the northern gas pipeline between the NT and the East Coast gas grid, the only pipeline link.
And the situation does not look like it will be improving at Blacktip any time soon. The NT Power and Water Corporation recently advised Incitec Pivot about potential gas reserves issues at the Blacktip gas field, with a cut to forecast supply under the parties’ gas supply agreement from this month.
The cut in Blacktip production adds to both State and national concerns in relation to energy security, as the only other gas production in the NT comes from Central Petroleum’s Amadeus basin gas fields.
However, this does pave the way for new sources of production, with the NT Government likely to be highly-supportive of any new gas supply projects – amenable to a potential saviour, if you like. The Beetaloo Basin, within the Greater McArthur Basin and said to host some 500 trillion cubic feet of in-place gas resources, appears to be a standout option.
Holding the biggest tenement position across the Beetaloo-McArthur Basins is Empire Energy Group, which is maturing its portfolio of onshore, long-life oil and gas opportunities. Already an early mover in the Beetaloo, Empire’s path to first gas production is now on an accelerated schedule amid the looming East Coast gas shortage.
There have previously been questions around whether there was a big enough domestic market to warrant development of the scale of Empire’s greenfield, unconventional gas project. But with the production drop from the Blacktip field and long-term gas supply issues, success at the project could clearly help bolster future domestic supply.
The production issues at the Blacktip Gas Field that provides energy for electricity generation for the people of the NT, power for NT mining operations and industrial activities as far as Mount Isa and the East Coast, underscore the critical importance of gas for our households and economy. Empire is rapidly progressing towards pilot production from the Beetaloo, aiming to be producing sales gas by early 2025. This will provide the NT with energy it needs, putting downwards pressure on power bills and enabling economic growth.
Empire Energy Group managing director Alex Underwood
Beetaloo’s in-place gas resources are from entirely within the middle Velkerri B layer of the Mesoproterozoic Roper Group – where Empire is targeting. While only a handful of horizontal wells have been drilled to date, Velkerri B is the most prospective of the stacked, organic-rich shales of the Roper Group.
It is where both the Santos-Tamboran and Origin-Falcon joint ventures made big steps with lateral wells across the basin.
Amid accelerating urgency for new gas supply options, Empire substantially increased the contingent resources of its wholly-owned EP187 permit late last month to what it says is now a “nationally significant resource”. An independent review lifted the estimated 2C contingent resource by 270 per cent to a sizable 1739 petajoules.
The material upgrades in contingent resources to LNG scale help make the case to accelerate towards an early gas development option.
Empire further solidified its potential to step in and help fill the supply shortage by recently confirming critical commercial flow rates from its Carpentaria-2H gas well, its first horizontal well into the Beetaloo sub-basin. It pulled up an impressive 323 terajoules, or 281 million standard cubic feet (mmscf), over 127 days. That equated to a normalized rate of 2.75 terajoules (2.4 mmscf) each day per 1000m.
The impressive flow rates have already elicited the attention of multiple parties, who have expressed strong interest in buying Empire’s Beetaloo gas in both the pilot phase and full development phase.
With a recent green light from the NT government to move into production, along with adequate capital resources, Empire is now progressing towards development drilling and – more importantly – cash flow. A final investment decision on an initial gas project is due by the year’s end ahead of the anticipated first gas production in 2025.
Here's the link to the annual general meeting audio and slides presentation: https://www.finnewsnetwork.com.au/archives/finance_news_network415332.html. here's the YouTube link
Empire Energy Group delivers “nationally significant” LNG resource at EP187 in Beetaloo Basin
20:29 Sun 28 May 2023
Ephrem Joseph
Empire Energy Group Ltd
ASX:EEG
OTC:EEGUF
Empire Energy Group Ltd - Empire Energy Group Ltd delivers “nationally significant” LNG-scale resource at EP187
Empire Energy Group Ltd (ASX:EEG, OTC:EEGUF) has made a breakthrough with an independent LNG resource at EP187 permit in the highly prospective Beetaloo Basin, representing a “nationally significant” resource of low CO2 gas.
The company said the results were nothing short of impressive, revealing a substantial increase in the contingent resources of EP187, including:
270% increase in 2C contingent resources to 1,739 Petajoules (PJ) representing an average estimated ultimate recovery (EUR) per well of 7.9 PJ;
217% increase in 1C contingent resources to 304 PJ representing an average EUR per well of 6.2 PJ; and
129% increase in 3C contingent resources to 3,507 PJ representing an average EUR per well of 9.3 PJ.
The assessment, carried out by Netherland, Sewell & Associates, Inc. (NSAI), an esteemed petroleum property analysis firm, follows the successful completion of Empire's 2022 Beetaloo work program.
What makes Empire's EP187 even more promising is the high calorific value of its gas, a factor that NSAI has taken into account while assessing the sales volumes.
Shares have been as much as 8.15% higher in the first hour of ASX trading to A$0.20.
Gas shortfall on horizon
Empire managing director Alex Underwood said: "The Empire team is delighted to share these outstanding results with shareholders.
“The volumes delineated in EP187 represent a nationally significant resource of low CO2 gas.
“Warnings abound from multiple sources that Australia faces material gas shortfalls in years ahead, a view that I share given the enduring role of gas.
“The Beetaloo and more particularly Empire’s resource has the potential to service domestic demand gaps and international sales via LNG.
“At an assumed gas contract price of $10/GJ, each development well in EP187 could produce between $62 million and $95 million of revenue over its life, compared to a development cost of ~$20 million in the pilot phase and or ~$15 million in larger development scenarios.
Results summary
The C-2H and C-3H operational results demonstrate that Empire can cost-effectively deliver 3-kilometre hydraulically stimulated horizontal wells utilising Australia’s existing rig and frack spread fleet.
3-kilometre horizontal wells represent Empire’s intended well design for future development of the Carpentaria Project in EP187.
Contingent resources have been estimated using a combination of deterministic and probabilistic methods based on step-out locations from current well control using this well design with a 500m lateral drainage offset.
EP187 contingent resources
Forward plan
Prospective resources are those areas proximal to the contingent resources areas where uncertainty in mapping is still evident due to a lack of well control.
Future additional step-out drilling may allow Empire to convert some of this prospective resources base to contingent resources.
However, Empire’s current focus for EP187 is on commercialising its significant discovered resource base.
Underwood adds: “NSAI has identified over 200 2C drilling locations, representing LNG scale development potential.
"Following the recent green light from the NT Government to move into production, the Empire team is progressing towards development drilling and cash flow.
“Our current capital resources allow us to proceed to a final investment decision on the pilot project this year without raising any further capital in the near term.
“This will allow the team to focus on further value accretive work including field development planning, indigenous consultation, regulatory approvals and gas sales negotiations
Empire Energy Group continues strong gas flow at Carpentaria-2H as testing ends
10:53 Wed 24 May 2023
Proactive
Empire Energy Group Ltd
ASX:EEG
OTC:EEGUF
Empire Energy Group Ltd -
Gas flare at the Carpentaria-2H well.
Consistently strong gas flow rates at the Carpentaria-2H (C-2H) well within the Beetaloo Sub-Basin in Australia's Northern Territory (C-2H) has renewed the confidence of Empire Energy Group Ltd (ASX:EEG, OTC:EEGUF) in the commercial viability of its EP187 asset.
C-2H has produced a total of 323 terajoules (TJ) or 281 million standard cubic feet (mmscf) over 127 days, with the gas composition remaining consistent with high calorific value and extremely low carbon dioxide (CO2).
This equates to a normalised rate of 2.75 TJ or 2.4 mmscf per day per 1,000 metres for the entire test period.
Following an updated gas composition analysis, the post-soak 2023 IP30 is now confirmed at 3.5 TJ or 3.0 mmscf per day per 1,000 metres.
Growing confidence
"We are pleased to share the continued strong gas flow rates achieved at C-2H as they provide further confidence that an economic development in EP187 may be achievable,” Empire Energy managing director Alex Underwood said.
“The cumulative production of 323 TJ over 127 days from C-2H would equate to over 1,000 TJ cumulative production for an equivalent 3-kilometre horizontal development well over the same period.
“This is despite the unoptimised nature of the C-2H well that has tested multiple completion methodologies.
Wells shut
C-2H has been 'shut in' for now and will be available as a future gas producer.
On the other hand, Carpentaria-3H (C-3H) will reopen for flow testing once its soaking period ends.
Soaking is the practice of shutting in a shale gas well for a period following fracture stimulation to improve its long-term productivity through redistribution and interaction of the residual water with the rock.
Meanwhile, the front-end engineering and design for the Carpentaria Pilot Project’s final investment decision is ongoing.
Map showing depth to base of Velkerri B shale across the Greater Carpentaria project area.
Attractive gas price
“If we assumed a gas price of $10/GJ, which is less than half the spot price at Wallumbilla on May 22, 2023, an equivalent 3-kilometre development well could generate over $10 million in gross revenue before royalties over an equivalent first 127 days of commercial production without any further well optimisation,” Underwood said.
“Such a level of gross revenue so early in the life of development wells may support field level economics.
“Following recent regulatory implementation by the NT Government giving the Beetaloo a ‘green light’ to move into commercial production, and an extremely tight domestic gas market, line of sight towards commercialisation is getting clearer by the day," he added.
Australia's gas industry will take the lead to a net zero 2050
We are "not a passive observer, or casualty" on path to decarbonisation: APPEA chair
16 May 2023 2:16 GMT UPDATED 16 May 2023 2:16 GMT
By Amanda Battersby in Adelaide
Australia’s oil and gas industry must not become a casualty in the nation’s and the global race to decarbonisation, said APPEA chair Meg O’Neill.
Northern Territory gas exploitation: ‘Best outcome’ or ‘rotten decision’? You decide
Read more
“This week, we double down on our message that the oil and gas industry is not a passive observer, or worse — a casualty — of the global and Australian race towards a net zero economy, O’Neill said in a keynote address to the APPEA 2023 conference.
“We are part of the solution. We are an essential source of energy for every business… every household… every community… every person.
“And we are committed to working together to achieve the Paris targets,” she said.
The Australian Petroleum Production and Exploration Association (APPEA) sees gas as playing an important role on that road to net zero.
“When used to generate electricity, natural gas emits around half the lifecycle emissions of coal. That’s a pretty strong argument for using more gas in my book,” said O’Neill.
But investments in the new gas supply needed both for the domestic market and for export, require a regulatory framework that provides stability and transparency, she told delegates.
“Australia is uniquely placed to succeed in the energy transition — we have plenty of natural resources, the right workforce and a strategic location,” said O’Neill.
“I am confident the Albanese government wants the same outcome, and our industry will continue to work constructively and proactively on charting Australia’s reliable, affordable lower carbon future.”
Gas is crucial for Australia’s energy security, particularly when solar and wind power are compromised by the weather, and is also critical for energy security in nations such as Japan and South Korea that rely on liquefied natural gas imports from Down Under.
“Nations across the Indo-Pacific still rely on Australian gas to ensure their own energy security today and support their clean energy transformations, with higher penetration of renewables. Japan, South Korea, Singapore and China have been our most important LNG trading partners for years,” said Minister for Resources, Madeleine King.
Australia is one of the world’s largest LNG exporters, accounting for about 21% of global exports, with export revenues forecast to reach A$91 billion (US61 billion) in the current financial year.
Australia is by far the largest LNG supplier to Japan, accounting for almost half of its LNG imports in 2022, worth an estimated A$34 billion.
Australia’s gas supplies to South Korea and China last year were worth an estimated A$18 billion and A$19 billion, respectively.
Japanese and South Korean demand, and their significant capital investment, has underpinned development of Australia’s LNG industry, on both its east and west coasts, added King.
O’Neill noted that gas accounts for 42% of the energy used by Australian manufacturers.
“We know… that the Australian Government wants to turbocharge our manufacturing capabilities. Using more gas could do this.”
O’Neill also highlighted that gas can fuel the plants that manufacture batteries for electric vehicles.
Australia’s Prime Minister Anthony Albanese last week said that gas is an important industry for Australia and for its national interest.
“But we know some in the parliament, and many in the community, do not know the central role natural gas plays in the Australian economy and their everyday lives,” said O’Neill.
“Or the vital role natural gas is playing and will continue to play, in reducing Australia’s emissions.
“This is an area where our industry recognises we need to do more.”
APPEA is embarking on an awareness campaign, highlighting that its focus on the industry’s contribution to Australia’s economy and to emissions reductions, is not a policy pivot, or reset.
“Rather, it reflects our strengthened resolve to be more forward leaning about our sector’s strong future and critical role in the net zero economy… in Australia, in our region and globally.
“Many companies have set their own ambitious targets to achieve net zero and plan to invest billions of dollars in the technologies that will deliver the real emissions reductions needed to get us there,” said O’Neill.
“In short, we will lead, we will shape, and we will innovate towards 2050 and a net zero emissions Australia.”
Upstream article 5/11/23...
In operation: the Silver City Drilling Rig 40 at the Carpentaria-2H well on EP 187 in Australia’s Northern Territory.Photo: EMPIRE ENERGY
Empire Energy eyes pilot production in newly-reopened Australian shale play
Final investment decision targeted in 2023 for Carpentaria gas production
11 May 2023 23:05 GMT UPDATED 11 May 2023 23:05 GMT
By Amanda Battersby in Singapore
Australia-listed junior Empire Energy is racing to step up a gear towards production at its Northern Territory assets now the territory’s government has finalised the Beetaloo regulatory framework.
Empire is progressing front-end engineering and design work, field development planning, Indigenous and regulatory approvals, gas sales and pipeline transportation negotiations for its proposed Carpentaria pilot project on EP 187, with the aim of taking the final investment decision later this year.
Northern Territory gas exploitation: ‘Best outcome’ or ‘rotten decision’? You decide
Read more
Independent reservoir engineering forecast production analysis indicates that three-kilometre horizontal wells in the Carpentaria area of EP 187 could ultimately deliver about 6 billion cubic feet of gas per well on a 50% recovery basis and about 8 Bcf on a 10% recovery basis, the operator said.
“This represents a potential upstream development cost of A$2 to A$3 per gigajoule in future development scenarios assuming A$15 million to A$20 million per well capital expenditure,” Empire said.
The company has engaged consultants Netherland, Sewell & Associates to prepare an updated resource assessment for its EP 187 asset, which is due before the end of June.
The regulatory framework put in place by the NT government is now among the most extensive and robust in the world and will allow the safe and sustainable development of the Beetaloo’s abundant natural gas resources, Empire said.
The company added that this gives management the confidence to accelerate its investment decision and planning processes as it moves towards pilot production.
“Building on the encouraging results of our exploration activity over the last four years, we look forward to submitting applications for all required approvals to enable us to move into gas production and the delivery of much-needed new gas supply to the Australian domestic market, and subsequently to increase liquefied natural gas exports, already the NT’s largest source of foreign income and a significant contributor to federal government revenues,” Empire managing director Alex Underwood said.
Last week, the NT government announced the finalisation of all 135 recommendations of the 2018 scientific inquiry into hydraulic fracturing in the territory chaired by Justice Rachel Pepper, effectively establishing a platform for approval of gas production in the Beetaloo sub-basin.
“After an extensive process of review and reform, industry participants and their investors now have certainty on how the NT government will regulate this vital industry,” Underwood added.
Meanwhile, in the western Beetaloo, Empire has secured a groundwater extraction licence to supply water for its planned 2D seismic survey, drilling and hydraulic stimulation activities in the gas discovery area within its wholly owned EP 167 and EP 168.
The company plans to soon resubmit its environment management plan for this work and, once its EMP and Land Access & Compensation Agreements are completed and approved, Empire will be able to acquire up to 376 line kilometres of 2D seismic and construct up to six well pads with horizontal stimulated wells.
Australian Budget Supports Gas and Hydrogen Development
Wednesday, May 10, 2023
© Lukasz Z / Adobe Stock
Australia’s federal government has released its 2023 Budget, with the offshore industry saying it listened to industry concerns.
Australian Petroleum Production & Exploration Association (APPEA) Chief Executive Samantha McCulloch said the new Future Gas Strategy showed the government recognised the urgent need for a strategy to secure new gas supply to avoid shortfalls in coming years.
“New gas supply is essential to keep the lights on, put downward pressure on prices and deliver substantial economic benefits in the transformation of our energy system for net zero,” McCulloch said. “The national strategy announced tonight is a response to independent reports and authorities warning of gas supply shortfalls and allows for a coordinated policy response.”
The Budget allocates A$2 billion to accelerate the development of low-carbon hydrogen in Australia and to catalyse clean energy industries. Australia already has the largest pipeline of renewable hydrogen projects in the world.
McCulloch said: “Low-carbon hydrogen has a critical role to play in reaching net zero, in particular in hard-to-abate industries and manufacturing. The oil and gas sector is pivotal in scaling up and rolling out low-carbon hydrogen in Australia and globally, with natural gas combined with carbon capture representing the most developed and lowest cost pathway to low-carbon hydrogen available today.”
The Budget also recognised the importance of CCUS, with a review of regulations to enable CCUS investment – as highlighted by APPEA in its 2023-24 Federal Budget Submission. However, the McCulloch says the Budget fell short of committing to a national CCUS roadmap in partnership with industry to provide the clear policy direction needed to promote Australia as a regional carbon storage leader. “Global momentum for CCUS is growing, and Australia must not miss the emissions reduction and economic opportunity of an emerging CCUS industry that creates new jobs and investment.”
APPEA also welcomed the review of environmental management regulations for offshore energy to provide clarity for major supply projects.
EMPIRE ENERGY GROUP LTD
Empire Energy Group Ltd (ASX:EEG) NT Government
NT GOVERNMENT FINALISES BEETALOO REGULATORY FRAMEWORK PROVIDING GREEN LIGHT TO MOVE TO PRODUCTION APPROVALS
NT Government Gives Green Light for Beetaloo Production
NT Government Gives Green Light for Beetaloo Production
Sydney, May 4, 2023 AEST (ABN Newswire) - Empire Energy Group Ltd (ASX:EEG) (EEGUF:OTCMKTS) report that the Northern Territory Government has announced the finalisation of all 135 recommendations of the 2018 Scientific Inquiry into Hydraulic Fracturing in the NT chaired by Justice Rachel Pepper, establishing a platform for approval of gas production in the Beetaloo Sub-basin
The regulatory framework the NT Government has put in place is now amongst the most extensive and robust in the world, and will allow the safe and sustainable development of the Beetaloo's abundant natural gas resources.
This announcement gives Empire management the confidence to accelerate our investment decision and planning processes as Empire moves towards pilot production.
Comments from Managing Director Alex Underwood:
"We welcome this historic announcement by NT Chief Minister Fyles and Resources Minister Manison. After an extensive process of review and reform, industry participants and their investors now have certainty on how the NT Government will regulate this vital industry.
Empire is committed to meeting the highest operational and environmental standards and collaborating with government, traditional owners, other landholders and the broader community to ensure the benefits of the development of the Beetaloo's natural resources will be shared across the Northern Territory and in other areas that support that development.
Gas is a critical enabler of the energy transition and an irreplaceable feedstock for many products on which we rely in our modern lives. The Beetaloo's low CO2 gas will play an important role in providing the NT, Australia and the Asian region energy security for decades.
Building on the encouraging results of our exploration activity over the last four years, we look forward to submitting applications for all required approvals to enable us to move into gas production and the delivery of much-needed new gas supply to the Australian domestic market, and subsequently to increase LNG exports, already the NT's largest source of foreign income and a significant contributor to Federal Government revenues."
Finalization of the Scientific Inquiry into Hydraulic Fracturing in the Northern Territory Recommendations
On 3 May 2023, the Northern Territory Government announced it had finalized all 135 recommendations of the 2018 Scientific Inquiry into Hydraulic Fracturing in the Northern Territory ("Pepper Inquiry") having released its Final Implementation Report. Finalisation of the recommendations sets the scene for approval of gas production in the Beetaloo Sub-basin including Empire's EP187 Carpentaria Pilot Project.
The Northern Territory Government's recently completed the Strategic Regional Environmental and Baseline Assessment (SREBA), which is the most comprehensive series of regional scientific studies ever conducted in the Northern Territory. The SREBA provides information necessary for appropriate decisions to be made about the development of the Beetaloo, including the assessment of water and biodiversity resources, to inform land-use planning, and the collection of baseline data to provide a reference for ongoing monitoring.
The regulatory framework the NT Government has put in place is now amongst the most extensive and robust in Australia and will allow the safe and sustainable development of the Beetaloo's abundant natural gas resources.
The Final Implementation Report concluded:
"Having considered the system reform undertaken as a complete package, the NT Government is now satisfied that the risks identified by the Inquiry have been sufficiently mitigated and is confident that applications for onshore petroleum production licenses may now be accepted for consideration by the new regulatory regime."
In announcing the Final Implementation Report, Chief Minister of the Northern Territory Hon. Natasha Fyles said:
"Along with our world-class renewable resources, our highly prospective onshore gas resources will support our energy security during the transition to renewables - and will improve living standards for all Territorians."
Deputy Chief Minister of the Northern Territory Hon. Nicole Manison also said:
"It will help fund things like schools, hospitals, services, housing. There will be further economic flow-on benefits ... more jobs, more benefits, more development in remote regions of the NT."
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
Link: NT Government Gives Green Light for Beetaloo Production
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Green light game-changer for Empire at Beetaloo
Michael Philipps
SPONSORED
Thu, 4 May 2023 2:49PM
Empire Energy expects to provide a resource upgrade for its Carpentaria project in the Beetaloo sub-basin this month.
Empire Energy expects to provide a resource upgrade for its Carpentaria project in the Beetaloo sub-basin this month. Credit: File
Empire Energy Group has been given the green light from the Northern Territory Government to seek production approvals for its gas projects in the Beetaloo sub-basin – a game-changing moment for the area’s development of the vast resource.
The move comes after the government finalised all 135 recommendations from a 2018 inquiry into hydraulic fracturing. The company says the government’s new framework sets the scene for gas production approval in the region, including for its EP187 Carpentaria pilot project.
According to the NT Government, all applications made for gas production in the Beetaloo sub-basin — subject to the industry’s successful exploration and appraisal results — will go through a rigorous approval and monitoring process.
Empire says the regulatory framework the government has put in place is among the most extensive and robust in Australia and will allow the safe and sustainable development of the Beetaloo’s abundant natural gas resources.
Hydraulic fracturing (fracking) is a technique for recovering gas from a prospective shale rock. Companies can maximise gas production rates by optimising the placement of a well’s fractures along the target zone by piercing the reservoir with a chemical mixture known as “fracking fluid”.
Empire's official announcement NT government gives greenlight for Beetaloo production : https://www2.asx.com.au/markets/company/eeg