SEAAOC Conference Presentation
Sydney, Aug 24, 2022 AEST (ABN Newswire) - Empire Energy Group Ltd (
ASX:EEG) (EEGUF:OTCMKTS) Managing Director, Alex Underwood, is today presenting to the South East Asia Australia Offshore & Onshore Conference ("SEAAOC") in Darwin.
A copy of his presentation which outlines the steps to be taken by the Company in pursuit of its objective to reach production and commercial cash flow is linked below.
Following the Company's successful Placement and Share Purchase Plan ("SPP") to raise $30 million (gross) for Empire, the balance sheet now includes a total cash balance of $38.7 million, recently enhanced by receipt of grant funding. Empire intends to utilize these funds towards the appraisal of its Beetaloo Basin holdings and for working capital. Empire Directors have agreed to invest $520,000 subject to shareholder approval. Empire is financially well positioned to execute the largest work program in the Company's history. The Board awaits with anticipation, appraisal results from the 2022 work program including Carpentaria-2H, the company's first horizontal hydraulically stimulated well. This could be transformational for the Company.
Global gas markets remain tight and prices at decade highs ahead of the northern hemisphere winter, a time of year when gas demand rises.
To view the presentation, please visit:
https://www.abnnewswire.net/lnk/1U228B61
About Beetaloo Energy Australia Limited
Beetaloo Energy Australia Limited (ASX:BTL) (OTCMKTS:EEGUF) holds 28.9 million acres of highly prospective exploration tenements in the McArthur Basin and Beetaloo Sub-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 around 80%, has enormous conventional and unconventional hydrocarbon potential. The Beetaloo Sub-basin, in which Beetaloo Energy holds a substantial position, has world-class hydrocarbon volumes in place and a ramp up in industry activity to appraise substantial discoveries already made by major Australian oil and gas operators is ongoing.
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