• Power and Water and Empire have executed an MOU to facilitate negotiations for potential gas sales and transportation arrangements
• Power and Water is a Northern Territory Government owned corporation and is the Northern Territory’s largest provider of gas, electricity networks, water and sewerage services
Empire Energy Group Limited has executed a gas sales and transportation memorandum of understanding (“MOU”) with Power and Water Corporation (“Power and Water”).
Power and Water is a Northern Territory Government owned corporation and is the Northern Territory's largest provider of gas, electricity networks, water and sewerage services. Its gas unit buys gas from producers for onward supply to electricity generators and major gas users across Northern Australia. Power and Water reported revenues and EBITDA for the financial year ended 30 June 2021 of $810.8 million and $222.0 million, respectively.
The MOU is in relation to gas to be produced from Empire’s Northern Territory assets following award of production licenses, including EP187 and Empire’s newly acquired Western Beetaloo tenements, and transportation services for gas delivered from EP187. The execution of the MOU aligns with Empire’s commercialization strategy for its Beetaloo Sub-basin assets.
The MOU facilitates negotiations in good faith for potential gas sales and transportation arrangements.
This ASX release has been authorized by the Managing Director.
