Empire Energy achieves drilling milestone

Empire Energy Group (ASX:EEG) has successfully completed the drilling of the Carpentaria-5H well in the Beetaloo Basin, reaching a total depth of 5,310 meters. The well includes a 3,310-meter horizontal section in the Velkerri-B shale, indicating strong gas presence. This achievement marks the longest horizontal section drilled by the company in the basin. Additionally, Empire has secured new credit facilities with Macquarie Bank to enhance liquidity.

Empire Energy's strategic outlook

Empire Energy's successful drilling of the Carpentaria-5H well in the Beetaloo Basin is a key step towards its first gas production from the Carpentaria Pilot Project. The completion of the well ahead of schedule and within budget underscores the company's operational capabilities. The new credit facilities with Macquarie Bank, including an R&D Facility and a Performance Bond Facility, will support ongoing exploration and development without diluting shareholder value. Fracture stimulation and production testing are planned for early Q2 2025, strategically scheduled to avoid Northern Territory wet season risks. Empire Energy aims for continued cost efficiencies and progress towards gas production and sales.

Executive insights on drilling success

The completion of the Carpentaria-5H well represents a significant operational milestone for Empire Energy. Our strategic planning and execution have been validated with this achievement. We are confident in our ability to reduce drilling and completion costs based on historical industry trends, focusing on shareholder interests and prudent financial management.