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Empire Energy Group Limited ( (AU:EEG) ) has shared an announcement.
Empire Energy Group Limited successfully drilled the Carpentaria-5H well in the Beetaloo Basin, achieving a total depth of 5,310 meters, including a substantial horizontal section. The drilling was completed under budget and faster than expected, with plans to fracture stimulate and test the well in Q2 2025. The company secured a $65 million financing package from Macquarie Bank Limited to support the Carpentaria Pilot Project, and they received necessary environmental approvals from the Northern Territory Government. This strategic progress aligns with Empire’s goal to enhance gas productivity and stakeholder value while minimizing shareholder dilution.
More about Empire Energy Group Limited
Empire Energy Group Limited operates in the energy sector, primarily focusing on the exploration and development of gas resources. Their key market focus is the Beetaloo Basin in Northern Territory, Australia, where they are engaged in projects like the Carpentaria Pilot Project aimed at optimizing gas production.
YTD Price Performance: 0%
Average Trading Volume: 11,250
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $124.7M
See more data about EEG stock on TipRanks’ Stock Analysis page.
