Empire Energy Group Ltd: SEAAOC Conference Presentation
Sydney, Australia - Empire Energy Group Ltd. (ASX:EEG) (OTCMKTS:EEGUF) Managing Director, Alex Underwood, is today presenting to the South East Asia Australia Offshore & Onshore Conference ("SEAAOC") in Darwin.A copy of his presentation which outlines the steps to be taken by the Company in pursuit of its objective to reach production and commercial cash flow is linked below.
Following the Company's successful Placement and Share Purchase Plan ("SPP") to raise $30 million (gross) for Empire, the balance sheet now includes a total cash balance of $38.7 million, recently enhanced by receipt of grant funding. Empire intends to utilize these funds towards the appraisal of its Beetaloo Basin holdings and for working capital. Empire Directors have agreed to invest $520,000 subject to shareholder approval. Empire is financially well positioned to execute the largest work program in the Company's history. The Board awaits with anticipation, appraisal results from the 2022 work program including Carpentaria-2H, the company's first horizontal hydraulically stimulated well. This could be transformational for the Company.
Global gas markets remain tight and prices at decade highs ahead of the northern hemisphere winter, a time of year when gas demand rises.
To view the presentation, please visit:
https://www.abnnewswire.net/lnk/1U228B61
About Empire Energy Group Ltd:
Empire Energy (ASX:EEG) (OTCMKTS:EEGUF) holds over 14.5 million acres of highly prospective exploration tenements in the McArthur and Beetaloo 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 80% has very considerable conventional and unconventional hydrocarbon potential. The Beetaloo sub-Basin, in which Empire holds a substantial position, has independently assessed world class hydrocarbon volumes in place with a major ramp up in industry activity underway to appraise substantial discoveries already made by major Australian oil and gas operators.
Empire Energy is an experienced conventional oil and gas producer with operations in the Appalachia region (New York and Pennsylvania). Empire has been successfully developing and producing oil and gas since 2006.
Source:
Empire Energy Group Ltd.
Contact:
Empire Energy Group Ltd. E: info@empiregp.net T: +61-2-9251-1846 F: +61-2-9251-0244 WWW: www.empireenergygroup.net
