EMPIRE Energy is an Australian oil and gas smallcap explorer and producer focused on the Beetaloo and McArthur basins in the Northern Territory.
Empire Energy is considered a ‘first mover' in the region and has grown an empire of its own, with more than 14 million acres of exploration leases in the Territory.
Independent analysis from highly reputable research consultant Netherland, Sewell & Associates estimate Empire Energy's footprint in the Territory holds a combined 13.46 trillion cubic feet of gas on a 2U best estimate basis.
The announcement of the massive resource estimate prompted investment research houses Raas Group, Blue Ocean Equities, and Taylor Collision, to all upgrade their view on Empire Energy's shareprice.
The frontier NT shale play has attracted international attention, which the Territory government hopes will turn into investment in the vast gas and liquids-rich Beetaloo and McArthur Basins.
Empire Energy will drill its first exploration well, known as Carpentaria-1, later this year. The well will target the Kyalla Shale Formation.
To date all permits are finalised and the company is looking to contract a rig provider to drill the well.
Carpentaria-1 is a vertical well and will be drilled to depth of approximately 2900 metres.
Contractor InGauge, and Empire Energy, have designed the well to include an extensive evaluation program consisting of coring which with give valuable insight into the geology of the target formations.
This data would then form the basis of the next phase work program and recoverable volumes of oil, gas and liquids.
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Read more about Empire Energy here.