The funds will not only bankroll Carpentaria-5Hโs stimulation and flow testing but also cover overheads and preparatory works for the Carpentaria gas plant.
Once the well has been stimulated it will be shut in and tied into the Carpentaria gas plant for production pending the final regulatory nod for gas sales under the Northern Territoryโs โBeneficial Use of Test Gasโ rules.
The company has its eyes on the production finish line now, strengthened by its existing $25.7M in cash and $28.8M in undrawn Macquarie Bank facilities.
Empire says it plans to rebrand as Beetaloo Energy Australia Limited, with the name change set to embody the name of what many believe will be the next big gas frontier in Australia. Empire will initially draw gas frm the basin to supply the Northern Territory government with as much as 100 terajoules of gas per day.
The Beetalooโs star is rising, with industry heavyweights like Santos and pipeline operator APA Group betting big on the region. Empireโs wet gas reservoirs could command a premium in markets like Japan, where demand for low-CO2 gas is surging.
With a production license for up to 12 wells, Empire is tantalisingly close to delivering its first commercial molecules in the Top End. Buoyed by a bulging bank balance, a world-class asset and a clear path to production now, the soon to be Beetaloo Energy is poised to enter the vanguard of players that will look to make money from what is likely the largest endowment of gas in the country.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
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