Empire Energy Group Ltd Stock Market Press Releases and Company Profile
Quarterly Activities Report
Quarterly Activities Report

Sydney, Oct 30, 2019 AEST (ABN Newswire) - Empire Energy Group Limited (googlechartASX:EEG) (googlechartEEGUF:OTCMKTS) is pleased to provide shareholders with its Quarterly Activity Report for the period ending 30 September 2019.

Activity Report for the Quarter ended September 2019

HIGHLIGHTS

- 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.

To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/EMAK9453


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.

abnnewswire.com 


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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