Empire Energy has completed a $6 million share purchase plan (SPP) to support its Beetaloo sub-Basin focused growth activities in the Northern Territory.
This follows the company signing an agreement with Pangaea to acquire its Beetaloo portfolio last month.
As part of the binding sale and purchase agreement, Empire will acquire an operated 82.5 per cent interest in five tenements across the Beetaloo.
Managing director Alex Underwood said the acquisition of the Pangaea and EMG Beetaloo Basin properties are now well funded, and its planned work programs.
“This includes the imminent vertical fracture stimulation of Carpentaria-1 and further horizontal appraisal drilling,” he said.
“Activity across the Beetaloo is ramping up again as the dry season commences. Santos has commenced a two well horizontal appraisal drilling campaign targeting the Velkerri Shale and Origin Energy will drill Velkerri-76 this year targeting the liquids-rich window of the Velkerri Shale, and re-enter existing wells for further flow testing.”
In March, Underwood described the Australian Government’s Beetaloo Strategic Basin Plan as a “brilliant initiative”.
The plan, which was released in January, outlines how the Beetaloo development projects could produce 6000 jobs by 2040, with the gas produced from large-scale Beetaloo development potentially suppling a variety of gas markets.
“We are excited that Canberra is taking such strong leadership in driving this development as part of its Gas-Fired Recovery plan, and doing it with strong financial support. There is a real commitment in its work well-reflected in this Plan summary,” Underwood said.
The Beetaloo sub-Basin is 500km south-east of Darwin, and lies between Katherine, 100km to the north, and Tennant Creek, 250km to the south.
Outlined in the plan, according to current industry analysis, most Beetaloo exploration will be finalised by 2023, followed by four years of appraisal, with final investment decisions made once the appraisal phase is completed.
However, the government’s new plan aims to accelerate these development stages, with it bringing forward the final investment decisions of the Beetaloo development to 2025 or earlier.