Quarterly Activities Report
Sydney, Jan 31, 2020 AEST (ABN Newswire) - Empire Energy Group Limited (
ASX:EEG) (EEGUF:OTCMKTS) is pleased to provide shareholders with its Quarterly Activity Report for the period ending 31 December 2019.
Activity Report for the Quarter ended December 2019
HIGHLIGHTS
- Empire's newly acquired, processed, and interpreted 2D seismic confirms a material Beetaloo Basin acreage position wholly owned by Empire
- Empire EP187 2020 exploration drilling approvals well advanced
- Solid US operational performance negatively impacted by low prevailing US gas prices
- US cost reduction measures implemented following Kansas asset sale, resulting in one-off restructuring costs
- Empire in a net cash position for the first time since 2010 following successful completion of A$12 million placement
- Directors of the Company increased their shareholdings during the Quarter
- Research coverage initiated on Empire
- Santos vertical Tanumbirini-1 well production testing results above expectations
- Origin horizontal Kyalla 117 N2 1H well drilling advanced
To view the quarterly report, please visit:
https://abnnewswire.net/lnk/UO00L13W
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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