Empire Energy Group (ASX:EEG) - Managing Director, Alex Underwood - The Market Herald
Managing Director, Alex Underwood
Source: HotCopper
  • Empire Energy Group (EEG) is mobilising a drill rig to its Carpentaria-1 well in the Northern Territory ahead of a planned drill program
  • Approximately 2,900 metres will be drilled, logged and cored, representing a significant step forward in the company's assessment of the region
  • The company says civil works to allow for the drilling are progressing well, including access track upgrades and well pad preparations
  • Drilling is expected to begin in the second half of September
  • Empire Energy Group closed five per cent in the green for $0.32 per share

Empire Energy Group (EEG) is mobilising a drill rig to its Carpentaria-1 well in the Northern Territory ahead of a planned drill program.

In preparation for the drilling work, the company is undertaking a number of civil activities to facilitate the program. This includes water bore drilling, access track upgrades and drill pad preparations, all of which are being conducted by wholly owned Northern Territory-based companies, in accordance with Empire Energy's policies.

The 2,900-metre well will be drilled, logged, cored, cased and suspended, the completion of which will represent a significant step forward in Empire Energy's overall assessment of the eastern Beetaloo Sub-basin.

Drilling is expected to begin in the second half of September, and the company intends to re-enter the hole after the Northern Territory's wet season to undertake a vertical fracture stimulation and extended production test.

The program is supported by the completion of a financing late last month, under which Empire Energy issued a total of 33 million shares at a price of $0.30 each for gross proceeds of almost $10 million.

Certain directors of the company also bought in, purchasing six million shares for an additional $1.86 million.

Alex Underwood, Managing Director of Empire Energy, believes the time that he was pleased with the strong support for the financing.

"Empire is now well funded to progress its planned work programs across its extensive holdings in the Beetaloo and McArthur Basins," he said.

"Empire is playing a key role in unlocking the value of the Northern Territory’s emerging Beetaloo and McArthur Basins through measured capital investment in our properties, which we believe can create substantial value for our shareholders, broad and sustainable economic benefits to the people of the Northern Territory, and energy security for Australia and the broader region," he added.

Empire Energy Group was up 5 per cent at the close of trading on Friday to $0.32 per share.


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