Half Yearly Report and Accounts
Sydney, Sep 11, 2020 AEST (ABN Newswire) - The Empire Energy Group Ltd (
ASX:EEG) (EEGUF: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 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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