Quarterly Activities Report
Activity Report for the Quarter ended September 2019
- Empire completed sale of Kansas assets for a final sale price of US$19.25 million
- Empire reduced total debt from US$25.4 million to US$7.5 million during the quarter
- Empire received Northern Territory Government approval for EP187 2019 2D seismic work program
- Empire EP187 2D seismic program commenced shortly after quarter end
- Origin Energy and its JV partner Falcon Oil & Gas commenced drilling the first well in the Beetaloo Basin since the lifting of the moratorium in 2018
- Santos announced major investments in the Northern Territory oil and gas sector after quarter end
- Empire completed unmarketable parcel share sale facility
- Empire Director on-market share buying increased Director ownership to ~7.2% of the Company
- Empire US operations had another solid quarter
- Empire ended the quarter with US$3.9 million cash at bank
EMPIRE 2019 NORTHERN TERRITORY WORK PROGRAM UPDATE
Empire has been one of the most active companies in the Beetaloo and McArthur Basins since the lifting of the moratorium in April 2018 and subsequent implementation of regulations to allow a recommencement of industry activities.
During the quarter, Empire received all necessary Northern Territory Government approvals for its EP187 2D seismic program.
NORTHERN TERRITORY ONSHORE SHALE PETROLEUM INDUSTRY RAMPING UP
On 9 October 2019, Falcon Oil & Gas (TSX: FO, AIM: FOG) announced the spudding of the Kyalla 117 N2
1 appraisal well in the Beetaloo Basin. The well, which is operated by Origin Energy, is located in EP117 on trend with Empire's EP187 permit. The objective of the Kyalla 117 N2 1 well is to assess hydrocarbon maturity, saturation and reservoir quality and collect data for subsequent horizontal drilling, completion, stimulation and production testing.
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About Empire Energy Group Ltd
The Company has over 14.5 million acres in the McArthur & Beetaloo Basins, Northern Territory, both of which are considered highly prospective for large shale oil and gas resources. Work undertaken by the Company over the past 5 years demonstrates that the Central Trough of the McArthur Basin, of which the Company holds around 80%, is highly prospective, with key similarities to those extending through Oman, Siberia and Southern China and which contain resources of billions of barrels of oil equivalent.
Empire Energy Group Ltd