Empire Energy Group Limited (AU:EEG) has released an update.
Empire Energy Group Limited is pushing forward with its Carpentaria Pilot Project, aiming for commercial gas production by 2025 following a successful $46.8 million capital raise and the divestment of its US assets for up to US$9.1 million. The capital raised is earmarked for drilling and development activities in the Beetaloo Basin, with strong financial backing signaling robust confidence in the project’s potential. With a strengthened cash position and stakeholder support, the company is poised to commence drilling the first 3,000m horizontal well in the region, pending necessary approvals.
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