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 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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