Empire Energy Group (EEG.AX) First EP187 Well Cleared for Vertical Drilling

Empire Energy Group Limited (ASX:EEG) is a junior oil and gas producer and explorer with onshore oil & gas shale assets. EEG holds the largest acreage position (>14.5m acres) in the highly prospective, potentially global-scale NT McArthur-Beetaloo basins. The Beetaloo alone is forecast to contain shale dry gas volumes of over 100 Tcf, with liquids upside. EEG has a number of event drivers in the coming 12-18 months, aiming to transform the company into a strategically-important, long-life Australian onshore energy generator. Ending 2019 with US$9.9m gross cash, EEG is fully-funded for the 2020 drill program planned on its EP187 tenement in SE Beetaloo. Its Carpentaria-1 vertical appraisal well received NT clearance early-March. The well, set to begin mid-year, aims to confirm recent better than expected seismic mapping results of the Kyalla and Velkerri shales, with the wells prognosed total depth now 2,900m. The Basin is fast developing as a gas-rich (and potentially liquids-rich) option to boost east coast Australia’s future energy self-sufficiency, as well as expansion gas supplying Darwin’s LNG export terminals, amid strong policy support from both Northern Territory (NT) and Federal governments. Crystallising EEG’s longer-term potential rests on successful drilling, securing strategic funding and infrastructure support to commercialise the acreage.