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Empire Energy Announces Northern Territory Resource Update

Source: www.gulfoilandgas.com 5/18/2020, Location: Not categorized

Empire Energy Group Limited (Empire) is pleased to announce an independently assessed prospective resource estimate for its 100% owned Northern Territory Beetaloo sub-Basin and McArthur Basin properties.

The prospective resource estimate was prepared by Netherland, Sewell & Associates, Inc. (NSAI), a worldwide leader of petroleum property analysis to industry, financial organizations and government agencies.

The results of the NSAI report have been summarised by Empire in the table below.

Commenting on the results, Empire Managing Director, Alex Underwood said:
“The prospective resources assessed by NSAI are exciting, with a total best estimate prospective resource of 13.5 TCF. This is a substantial resource for a company of our size. The results of Empire’s recent 2D seismic program have enabled NSAI to evaluate prospects in EP187 which have a best estimate prospective gas resource of over 2.3 TCF in the Velkerri Shale and 14 million barrels of oil equivalent in the liquids rich Kyalla Shale. This represents a near doubling of Empire’s Velkerri Shale independent prospective resource estimate and is the first time that the Kyalla Shale has been independently assessed as a prospective resource in our properties. The plays evaluated by NSAI in our McArthur Basin properties have substantial resource potential. Our exploration activity to date is yielding strong results and we look forward to continuing to enhance the value of our properties through measured exploration investment.”

CORPORATE UPDATE

NT Operations
Empire is working closely with the Northern Territory Government and the Northern Land Council to facilitate a recommencement of work program activities in the Northern Territory. Empire has submitted a COVID-19 Management Plan to the Northern Territory Government for approval by the Chief Medical Officer. Once approved, the Plan would give Empire and its employees and contractors exemptions to border restrictions to allow Empire employees and contractors to resume activities in the field.

Empire continues discussions with drilling contractors regarding the drilling of Carpentaria-1 in EP187. Availability of rigs and oilfieild service companies in Australia has improved over the course of the year due to the material decline in oil and gas prices which has reduced industry activity.

US Operations
In its most recent Quarterly Activities Report, Empire advised shareholders that it had applied for a forgivable loan under the US Paycheck Protection Program (PPP) which forms part of the US Coronavirus Aid, Relief and Economic Security Act (the CARES Act).

The PPP has been legislated by the US Federal Government to incentivise small and medium sized businesses to keep employees during the COVID-19 pandemic. Empire has 33 employees located in the United States.

The loan has been approved and Empire has received US$552,600 under the program.

PPP loans can be applied to business expenses including payroll, interest, rent and utilities.

Empire has placed the funds in a segregated account and it intends to use the funds for forgivable purposes.

Liquidity
Following receipt of the US PPP funding, Empire has a total of A$11.3m cash at bank. Of this, A$9.5 million is held in Australian dollars and US$1.1 million is held in US dollars.

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