Quarterly Activities Report - 31 March
Sydney, April 30, 2025 AEST (ABN Newswire) - Empire Energy Group Ltd's (
ASX:EEG) (EEGUF:OTCMKTS) focus through the Quarter has been planning for the hydraulic stimulation of Carpentaria-5H, which is scheduled to take place later this Quarter, and preparation for installation of the Carpentaria Gas Plant in accordance with the Company's goal to commence gas sales from EP187.
- NLC meeting for the consideration of approval of Beneficial Use of Gas to take place in mid-May
- Documentation of the Macquarie Midstream Infrastructure Facility completed shortly after Quarter end. Funds under this facility will be applied to the construction of the Carpentaria Gas Plant and associated in-field infrastructure
- Total liquidity available at the end of the Quarter was $32.2 million, comprised of cash of $14.4 million and $17.8 million of undrawn funding available under the Macquarie facilities
Comments from Managing Director Alex Underwood:
"The Empire team has focused on preparation for the fracture stimulation and flow testing of C-5H during the Quarter. We look forward to commencing stimulation in June utilizing the Halliburton fracture stimulation spread. While we would have preferred to stimulate C-5H immediately after drilling operations in January, we determined that the financial risk to shareholders of weather-related delays outweighed the benefit of stimulation operations at that time. The delay in stimulation to June has given our technical team the time to prepare an optimised stimulation design.
We are well advanced in our final regulatory approvals for the sale of gas under the Beneficial Use of Gas provisions of the NT Petroleum Act. I and key members of the team have been actively engaging with senior traditional owners in preparation for the upcoming on country meeting at which we will seek their approval for the commencement of gas sales. I believe that the meeting will be successful based on our ongoing engagement with traditional owners.
The Company's Annual General Meeting will take place at the end of May. I encourage all shareholders to either attend the meeting or, if they cannot attend in person, to submit their proxies for this important meeting. Of particular relevance, the Company will seek shareholders' approval to change the Company's name to Beetaloo Energy Australia Limited. This change reflects our singular focus on developing the world class resources of the Beetaloo Basin, following the successful completion of our US asset divestiture program last year."
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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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