Oil and Gas News

Empire grows interest in Beetaloo Basin

beetaloo basin

Empire Energy chief executive officer Alex Underwood has confirmed that the company’s shareholders have approved the acquisition of Pangaea Resources’ and Energy and Minerals Group’s interests in the Beetaloo Basin, Northern Territory.

“99.94 per cent of votes cast in favour of the transaction. We appreciate the support of our shareholders for this transformational acquisition and thank Paul Fudge and EMG, who will become major shareholders, for entrusting us with the ongoing stewardship of these assets,” he said.

“We continue to execute our strategy to progress the development of these world class resources which, alongside our existing assets, have the potential to provide long term economic development and energy security to the people of the Northern Territory, Australia and the broader Asian region.”

Pangaea Resources operates EP 167, 168 and 169 in the Beetaloo Basin, where the company has conducted multiple phases of exploration, including a full-tensor airborne gravity gradiometry survey, multiple 2D seismic surveys and a multi-year drilling program of seven wells.

The company holds a 82.5 per cent interest in, and operates, all three of the permits.

In addition, last month Empire secured $21 million in grant funding from the Australian Government for the Beetaloo cooperative drilling program.

The program was implemented to encourage explorers to accelerate their work programs with a view to accelerating initial commercials production from the Beetaloo Basin, increasing gas supply for Australian households and businesses.

The grant funding received by Empire will offset 25 per cent of eligible expenditure which may include additional seismic acquisition, the drilling of three horizontal wells in 2021 and 2022, the fractured stimulation and completion of those wells, and the flow testing of them

Minister for Resources and Water Keith Pitt said under the Beetaloo cooperative drilling program, grants of up to $7.5 million per well are available to applicants.

“The Beetaloo Sub-basin is potentially a world-class gas resource which could create thousands of jobs and help bolster supplies of gas for the domestic market and for exports around the world,” Pitt said.

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