SEAOOC Darwin September 2019 - MD Presentation
Sydney, Sep 4, 2019 AEST (ABN Newswire) - Empire Energy Group Ltd (
ASX:EEG) (EEGUF:OTCMKTS) SEAOOC Darwin September 2019 - MD Presentation - with a new board and new focus.
- Company recapitalisation in August 2018 and 1 for 10 consolidation
- Board renewal with Alex Underwood, Paul Espie, John Warburton and John Gerahty joining
- USA asset sale process commenced in late 2018 to reduce debt and focus on Beetaloo and McArthur
- Sale of Kansas assets for US$19.1 million announced reducing net debt from A$31m presently to ~A$6m, with pro-forma cash at bank of ~A$5m
- Empire will retain its cash flow positive New York / Pennsylvania gas production assets
To view the presentation, please visit:
https://abnnewswire.net/lnk/7176HKMZ
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.
| ||
|
