Empire Energy (ASX: $EEG) gas production update

Empire Energy (ASX: $EEG) is focused on the Beetaloo Basin, with a significant low CO2 shale gas resource in Northern Australia. The company holds approximately 3 million net effective Beetaloo acres and is targeting first gas sales from its Carpentaria Pilot Project in the first half of 2025. Empire Energy aims to grow to LNG scale in the years ahead, with the Beetaloo's Velkerri Shale offering world-class geological characteristics analogous to the prolific Marcellus Shale.

Executive commentary on Empire Energy's gas development strategy

Empire Energy's strategy is to supply domestic and international gas markets, with a focus on the Northern Australian Gas Market in the initial phase. The company is targeting first gas sales from the Carpentaria Pilot Project in the first half of 2025, with plans to process gas through the Carpentaria Gas Plant and utilize existing McArthur River Gas Pipeline capacity. The acquisition of AGL's Rosalind Park Gas Plant is expected to result in significant cost savings and reduce lead time compared to new build alternatives. Empire Energy is also strategically located between Darwin and Gladstone LNG export infrastructure, positioning itself to meet the forecast LNG demand and supply both Australian and Asian markets.

Empire Energy's outlook and corporate strategy

Empire Energy (ASX: $EEG) is positioned to capitalize on the enormous low CO2 shale gas resource in the Beetaloo Basin. With a focus on the Carpentaria Pilot Project, the company aims to achieve first gas sales in the first half of 2025 and subsequently grow to LNG scale. The strategic location near Asian markets and existing infrastructure provides a pathway for Empire Energy to meet the increasing demand for gas. The company's ambitions include supplying domestic and international gas markets, with a long-term goal of full-field development for LNG export. Empire Energy's comprehensive well and seismic datasets in the Western Beetaloo Project have defined a large extensive resource, strategically located on existing infrastructure, providing a strong foundation for future growth and development.