• Carpentaria-5H well drilled to 5,310m depth, including 3,310m horizontal section
• Received NT environmental approval for Carpentaria Pilot Project
• Secured $65M financing package with Macquarie Bank for Beetaloo development

During the quarter, Empire Energy Group Ltd drilled the Carpentaria-5H well, which reached a total depth of 5,310 metres, including a 3,310 metre horizontal section entirely within the target Velkerri B Shale. The well was drilled in 41 days, faster than the pre-drill forecast of 45 days, and at a forecast total cost of approximately $19.7 million. The company also received environmental approval from the Northern Territory Government for its Carpentaria Pilot Project, a key milestone towards first gas deliveries expected later this year. Additionally, Empire secured a $65 million financing package with Macquarie Bank, comprising a $30 million R&D facility, $5 million performance bond facility, and a $30 million midstream infrastructure facility. This funding will support the company's exploration, appraisal and development activities in the Beetaloo Basin, including the stimulation and testing of Carpentaria-5H, construction of the Carpentaria Gas Plant, and tie-in of existing wells for first gas production.

Empire expects first gas deliveries from the Carpentaria Pilot Project later in 2025, subject to construction of midstream gas processing infrastructure and receipt of regulatory approvals.

The company's focus in 2025 will be on the stimulation and testing of Carpentaria-5H, construction of the Carpentaria Gas Plant and associated infrastructure, and tie-in of existing wells for first gas production from the Carpentaria Pilot Project.