• Equity raising via institutional placement and share purchase plan to raise minimum $28 million
• Funds to be used for hydraulic stimulation and extended production testing of Carpentaria-5H well, Carpentaria Gas Plant preparatory works, and working capital
• 10-year binding gas sales agreement with Northern Territory Government for up to 25 TJ/d

Empire Energy Group Ltd is undertaking an equity raising via an institutional placement and share purchase plan to raise a minimum of $28 million. The funds will be used to finance the fracture stimulation and flow testing of the Carpentaria-5H well in the Beetaloo Basin, Northern Territory, to fund the installation of the Carpentaria Gas Plant and in-field infrastructure, and to provide additional working capital. The company has also secured a 10-year binding gas sales agreement with the Northern Territory Government for up to 25 TJ/d of gas, with an option for an additional 10 TJ/d. The agreement will underwrite the economics of the Carpentaria Pilot Project. Empire has also secured a $65 million financing package from Macquarie Bank, including a $30 million R&D facility, a $5 million performance bond facility, and a new $30 million midstream infrastructure facility to finance the refurbishment and construction of the Carpentaria Gas Plant. The company is targeting first gas sales from the Carpentaria Pilot Project in 2025 and has a significant resource base in the Beetaloo Basin, with over 47 TCFe 2U prospective resources and 1.6 TCF 2C contingent resources.

Empire is targeting first gas sales from the Carpentaria Pilot Project in 2025, with the potential to grow to LNG scale in the years ahead. The company has a 10-year binding gas sales agreement with the Northern Territory Government for up to 25 TJ/d, with an option for an additional 10 TJ/d.

Empire is focused on executing the fracture stimulation and flow testing of the Carpentaria-5H well, installing the Carpentaria Gas Plant, and commencing gas sales from the Carpentaria Pilot Project in 2025. The company also plans to drill additional pilot development wells and appraise its Western Beetaloo discoveries, which have a 2U resource potential of around 20 TCF.