Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Empire Energy has commenced its 2D seismic program
  • The Beetaloo Basin is located south of Darwin in the Northern Territory and is set to become a significant Australian gas supplier
  • Empire has contracted Velseis as the data processing group
  • Seismic testing will hopefully outline the shape of the basin and choose targets for a drilling program in 2020
  • Empire Energy’s shares are down slightly by 1.85 per cent, with shares trading at 26.5 cents apiece

Empire Energy Group has commenced its 2D Seismic acquisition program in the Northern Territory.

The approximate 231-line kilometres of 2D seismic data are being acquired by Velseis, an Australian seismic acquisition contractor with operational experience in the Northern Territory.

This seismic program is expected to take three weeks to complete before being processed.

Seismic testing involves setting off underwater blasts that send sound waves through the ocean floor to see if there are gas and oil potential.

Additionally, Velseis’ data processing group has been formally awarded the contract for processing the EP187 2D seismic data sets.

Awarding Velseis the seismic processing contract reduces costs and shortens the time needed between processing and a finalised product.

Once Empire receives the seismic data, it will interpret and use it to outline the shape of the Beetaloo Sub-basin and target drilling locations before a program commences next year.

The Beetaloo Sub-basin is located south of Darwin, near the town of Daly Waters. It has the potential to change the Australian gas industry and the Northern Territory as a major new source of gas supply.

Empire expects to start the interpretation of the 2D seismic data sets before the end of this year.

The company expects it will receive approvals from the Northern Territory Government for the drilling program before the 2020 dry season.

Empire Energy’s shares are down slightly by 1.85 per cent, with shares trading at 26.5 cents apiece as at 4:10 pm AEDT.

EEG by the numbers
More From The Market Herald
The Market Herald Video

" Tamboran Resources (ASX:TBN) receives govt. approval for EP136 drilling

Tamboran Resources (ASX:TBN) has been given the green light to drill up to seven wells within…
The Market Herald Video

" Redflow (ASX:RFX) taps private investors for $5m

Redflow (ASX:RFX) has tapped private investors for $5 million through a share placement to fund growth…
The Market Herald Video

" 88 Energy (ASX:88E) raises $14.9m for Icewine East 2023 exploration well

88 Energy (ASX:88E) has tapped private investors for $14.9 million through a share placement to support…
88 Energy (ASX:88E) - Managing Director, Ashley Gilbert

" 88 Energy (ASX:88E) halts trade following maiden Icewine prospective resource estimate

88 Energy (ASX:88E) has entered into a trading halt ahead of a capital raise after releasing…