Quarterly Activities Report
Sydney, July 31, 2020 AEST (ABN Newswire) - At the close of Q2 2020, Empire Energy Group Limited (
ASX:EEG) (EEGUF:OTCMKTS) is on the eve of exciting advances with the Company in readiness for the drilling of its first well in the highly-prospective and increasingly-active Beetaloo Sub-basin of the Northern Territory, Carpentaria-1. The upcoming drilling program represents a key milestone in the development of Empire's 100%-owned 14.5-million-acre shale petroleum project areas in the Beetaloo-McArthur Basins.
Highlights of Q2 2020 include:
- Locking in the well pad location and initiating site preparation for the drilling of the Carpentaria-1 well in EP187 for commencement of drilling operations late Q3 2020
- Long-lead items such as the wellhead and drill pipe for the Carpentaria-1 well ordered after the end of the Quarter
- Leading oil and gas industry professional, Mr Peter Cleary appointed as a Non-Executive Director
- Netherland Sewell & Associates independent resource report assesses that Empire holds a total best estimate Prospective Resource of 13.46Tcf across its Northern Territory properties, including over 2.3Tcf in the Velkerri Shale and 14 million barrels of oil equivalent in the liquids rich Kyalla Shale
- The Territory Economic Reconstruction Commission interim report stated strong support for the development of the onshore gas industry in the Northern Territory
- Further Empire Director share buying during the Quarter
Empire has on issue 36,218,754 unlisted options at A$0.30 per share expiring on 26 September
Comments from Managing Director Alex Underwood: Having demonstrated that the shales of the Beetaloo Sub-basin extend into EP187 following the 2019 2D seismic program, our team has had a busy quarter preparing for the upcoming drilling campaign. Our well to be drilled in EP187, Carpentaria-1, will be only the second well drilled in the Beetaloo Sub-basin since the lifting of the fracking moratorium.
The first well, Kyalla-117, was a horizontal well drilled by Origin Energy which is expected to be fracture stimulated and flow tested later this year. We have commenced the preparatory works for the upcoming drilling program including selection of a preferred drilling contractor and ordering of long-lead items including casing and a well head. Civil construction will commence shortly and we expect to mobilise the rig to site within weeks. The drilling of Carpentaria-1 is a defining moment for our Company.
It represents the culmination of over 2 years' work building our financial capacity and Board and management capabilities. We look forward to commencing the drilling program and sharing the results with shareholders soon.
To view the quarterly report, please visit:
https://abnnewswire.net/lnk/246MUYY3
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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