Northern Territory Fracking Moratorium Lifted
Sydney, April 18, 2018 AEST (ABN Newswire) - The Directors of Empire Energy Group Limited (
ASX:EEG) (EEGNY:OTCMKTS) ("Empire" or "the Company") are pleased to provide shareholders with an update on the lifting of the fracking moratorium in the Northern Territory.
This morning the Northern Territory Government announced that the moratorium on fracture stimulation of unconventional onshore gas reservoirs is to be lifted.
The Chief Minister, Michael Gunner, announced that the Government had accepted all 135 recommendations of the Scientific Inquiry into Fracture Stimulation in the Northern Territory.
Mr Gunner said that the implementation of the recommendations of the Final Report would now begin so that Territorians could benefit from the creation of new jobs while protecting the Territory's unique natural environment.
Empire's 100% owned subsidiary, Imperial Oil & Gas Pty Limited ("Imperial"), has over 14.5 million acres in the McArthur and Beetaloo Basins, Northern Territory, both of which are considered highly prospective for large shale oil and gas resources. The Company has been operating in the Northern Territory since 2010.
The Government will now commence to undertake a process of implementing new rules and regulations pertaining to the industry. This is likely to include certain areas where development can occur, and other areas which have been described as 'potential reserved areas'. Such areas are likely to include national parks and areas of significant cultural heritage to Traditional Owners. The Company intends to proactively engage with the appropriate Government department and Traditional Owner groups to define areas which are appropriate for continued development. The implementation timetable is currently unknown.
Empire welcomes the Northern Territory Government's decision which, following implementation of regulations, will facilitate the responsible development of the Company's highly prospective shale acreage position.
Some of the key elements of these new laws and regulations will include:
- Ensuring all Environmental Management Plans for fracking must be assessed by the EPA and signed off by the Minister for the Environment;
- Strict new requirements that must be met before exploration approval is granted including codes of practice for well integrity and well decommissioning, development of wastewater management frameworks, the requirement for gas companies to obtain a water license;
- Strict new requirements that must be met before production can take place including the development of robust and transparent monitoring strategies, discussions with industry and pastoralists regarding land access requirements and compensation, and release of all environmental management plans for public comment;
- Broad standing to seek judicial and merits review of statutory decisions;
- Broad new powers to sanction non-compliance, civil enforcement proceedings and increased criminal penalties for environmental harm.
The Company continues to carry out advanced discussions with potential joint venture partners which would fund the exploration and appraisal activities required to unlock the substantial resource potential of the Company's acreage in the Northern Territory.
The Company will provide further updates to shareholders as further information becomes available.
Northern Territory Chief Minister Media Release: Fracking Moratorium Lifted
The Northern Territory Chief Minister's media release can be found attached (see link below) and also at the following link: http://www.abnnewswire.net/lnk/8K3P8NEX
To view the media release, please visit:
http://abnnewswire.net/lnk/5QL6A842
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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