Empire Energy will pay down its US debt to Macquarie and put a bit over A$3m in the tin to chase gas in the Northern Territory's Beetaloo basin after offloading its US oil and gas assets for about A$14 million. The company is poised to take on the Australian east coast gas supply dilemma with its Beetaloo ground modelled to generate a project net present value for phase two of $2.5 billion and $14.5 billion for phase three.
Fortescue Future Industries and Tivan are among the five companies to secure land agreements with the Northern Territory government for its energy development precinct.
Empire Energy's extended production testing of its Carpentaria-2H well in the Northern Territory's Beetaloo sub-basin continues to deliver strong gas flow with minimal decline. The ASX-listed oil and gas explorer and producer says the well is currently punching out a 13-day average of 2.6 million standard cubic feet of gas per day.
