Quarterly Activities Report
Sydney, Oct 30, 2019 AEST (ABN Newswire) - Empire Energy Group Limited (
ASX:EEG) (EEGUF: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 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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