Empire Energy Group Ltd Stock Market Press Releases and Company Profile
Half Yearly Report and Accounts
Half Yearly Report and Accounts

Sydney, Sep 11, 2020 AEST (ABN Newswire) - The Empire Energy Group Ltd (googlechartASX:EEG) (googlechartEEGUF:OTCMKTS) team has been intensively focused on the drilling of the Carpentaria-1 well scheduled to spud in September 2020. Civil works to prepare the well pad, an access track to it and water bore drilling are well advanced in preparation for the commencement of drilling. The objectives of the well re as follows:

- To assess and prove the depth and thickness of the productive target shales (Kyalla and Velkerri) in Empire's EP187 permit;

- To understand rock properties, hydrocarbon content, formation permeability and reservoir pressure as they relate to the ability of the shales to produce;

- To gather data used for hydraulic stimulation planning and execution;

- To identify 'high grade' sections of these target shale formations, for vertical hydraulic stimulation and production testing after the wet season in 2021. Also to assist in the design of horizontal wells for extended production testing; and

- To refine the seismic interpretation and further determine prospective hydrocarbon resource estimates.

Our neighbours Origin Energy Limited and Santos Limited remain active in the onshore Northern Territory and have made material progress during the half-year considering the impact of COVID 19. We await their future exploration results with interest. Key events from our neighbours have included:

1. During April 2020, Origin announced it had agreed with joint venture partner Falcon Oil & Gas ("Falcon") to increase its interest in the Beetaloo Basin joint venture by 7.5% in exchange for increasing its share of Falcon's share of costs by A$25 million over the coming years. The transaction implies a valuation of A$333 million for the Origin / Falcon joint venture. The joint venture has also agreed to increase its gross cost-cap to A$263.8 million, and a vote of confidence in the Beetaloo Basin.

2. Operationally, Origin has indicated that its exploration and appraisal activities in the Beetaloo are progressing well and results from its Kyalla 117 well have demonstrated productive reservoir characteristics, and continuous gas shows. Following a COVID-19 pause, Origin will recommence field operations in Q3/Q4 2020 with the hydraulic fracturing and production flow test of the Kyalla-117 horizontal well.

3. Santos has confirmed a successful gas discovery at the Tanumbirini-1 well in EP161 in the adjoining permit to Empire's EP187. Gas flow rates of over 1.2mmscf/d were recorded from the vertical well. . Following production flow testing, Santos booked a maiden contingent resource in the McArthur Basin of 176PJ (gross).

To view the full report, please visit:
https://abnnewswire.net/lnk/J187IMZL


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.

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Contact

Empire Energy Group Ltd
E: info@empiregp.net
T: +61-2-9251-1846
F: +61-2-9251-0244
WWW: www.empireenergygroup.net



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