Empire Energy Raises A$10mn for Oz Beetaloo Project

Sydney-listed Empire Energy on August 26 announced it has raised A$10mn (US$7.2mn) through share placement to further its exploration programme in Beetaloo Basin in the Northern Territory.

Empire said it is now fully funded to drill Carpentaria-1 in September, and plan fracture stimulation and flow testing for Q2 2021. The company has started work in preparation for drilling the Carpentaria-1 well in EP187 including upgrading the access track, construction of the well pad and water bore drilling.

“We are pleased with the strong level of support for this capital raising from existing and new sophisticated and institutional shareholders. Empire is now well funded to progress its planned work programmes across its extensive holdings in the Beetaloo and McArthur Basins,” Empire managing director Alex Underwood said.

Empire is a junior oil and gas producer and explorer with onshore oil and gas shale assets. It’s 100%-owned subsidiary Imperial Oil & Gas holds acreage position in the McArthur-Beetaloo basins.