Empire Energy will pay down its US debt to Macquarie and put a bit over A$3m in the tin to chase gas in the Northern Territory’s Beetaloo Sub Basin after offloading its US oil and gas assets in the Appalachian region for about A$14 million. The company is poised to take on the Australian east coast gas supply dilemma with its Beetaloo ground 500kms south east of Darwin modelled to generate a project net present value for phase two of $2.5 billion and $14.5 billion for phase three.
Whilst no companies are yet producing commercial gas from the Northern territory’s Beetaloo Sub Basin Empire is in a race to be first. The region is generally considered to hold almost biblical scale gas deposits that could make WA’s massive North West gas project a little pale by comparison. ‘Empire will be a pure-play Beetaloo / McArthur Basin focused developer while retaining a freecarried interest in shale rights in the United States at little to no cost to shareholders.
Empire is maturing two areas in the Beetaloo ‑ in the east at its Carpentaria pilot project in exploration permit 187 and at its West Beetaloo project within EP167 and EP168. In EP187, Empire has matured its ground further with drilling and flow testing of wells within its Carpentaria pilot project.
Carpentaria-2H flowed at 2.81MMcf per day following soaking, from a completion length of just 927m in the Velkerri Formation B shale unit ‑ a 3MMcf per day rate normalised over a 1km completion.
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Fonte: FinancialReview - 🏆 2. / 90 Consulte Mais informação »
Fonte: FinancialReview - 🏆 2. / 90 Consulte Mais informação »