Empire Energy Group Ltd: Quarterly Activities Report
Sydney, Australia - Empire Energy Group Ltd. (ASX:EEG) (OTCMKTS:EEGUF) provide the Quarterly Activities Report for the Q3 2022 period.- Carpentaria-2H achieved a peak flow rate of > 11 mmcf per day, an initial production rate over 30 days of 2.4 mmcf per day (normalized to 2.6 mmcf per day per 1,000m of stimulated horizontal section), and an initial production rate over 51 days of 2.2 million cubic feet per day (normalized to 2.4 mmcf per day per 1,000m of stimulated horizontal section)
- Carpentaria-3H drilling commenced on 13 October 2022 targeting a 2,000 metre horizontal section that is to be hydraulically stimulated and placed on extended production testing. The well has been successfully landed in the Middle Velkerri B shale and is drilling ahead
- Carpentaria-4V drilling is planned to commence immediately following the completion of Carpentaria-3H
- Land Access and Compensation Agreements (LACA) have been executed with a number of pastoralists to allow for planned activity within the Gas Discovery Area (GDA) in EP167 and EP168
- Empire received Beetaloo Cooperative Drilling Program progress payments totaling $0.8 million in cash (ex-GST) during the Quarter
- Empire's US business operations continue to benefit from strong gas prices and reported a positive EBITDA for Q3 2022 of US$1.66 million
- Cash at the end of the Quarter was $32.6 million
Comments from Managing Director Alex Underwood:
"Empire has had another busy and successful Quarter, highlighted by an active Beetaloo field program with highly encouraging results from our Carpentaria-2H fracture stimulation and flow test, the largest stimulation executed in the basin to date with strong flow rates and relatively low decline rates compared to our peers.
This bodes well for future economic development scenarios. We are applying the learning from the Carpentaria-2H work into the design of Carpentaria-3H, our next horizontal well that is drilling now and will be stimulated and flow tested in the lead up to Christmas.
Crisis conditions in energy markets globally underscore the critical role of our position in the Beetaloo Basin to provide energy security to the people of Australia and the broader region. It has been exciting to engage actively with potential gas customers who recognize the role we are playing in Australia's future gas supply mix. We are firmly focused on entering into production as soon as possible.
Thank you to our teams in the US, where we had a strong financial performance this quarter, and Australia, and to our shareholders for your ongoing support. We are working hard to bring the Beetaloo into production".
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/6J93A3C3
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
