(MENAFN- ABN Newswire)
Empire Energy Group Limited (ASX:EEG) (OTCMKTS:EEGUF) is pleased to provide shareholders an update on its Northern Territory Beetaloo Sub-basin 2D Seismic acquisition program.
EP187 2019 2D SEISMIC ACQUISITION PROGRAM
Having obtained all required Northern Territory Government regulatory approvals, Empire has commenced the EP187 (Beetaloo Sub-basin) 2019 2D Seismic acquisition program. The ~231-line kilometres of 2D seismic data are being acquired by Velseis, an Australian seismic acquisition contractor with experience operating in the Northern Territory. The 2D seismic acquisition programme is expected to take 3 weeks to complete after which these data will be processed. The seismic program is fully funded from cash at bank.
In addition, Velseis' seismic data processing group has formally been awarded the contract for processing the EP187 2D seismic data sets. Historically Velseis has processed thousands of kilometres of 2D seismic data in the vicinity of the EP187 permit. Awarding the 2D seismic processing contract to Velseis not only reduces costs but shortens the processing timeline from field to finalised interpretive product. Empire expects to begin interpretation of our new 2D seismic data sets before the end of 2019.
Analysis and interpretation of the new 2D seismic data will be used to optimise the selection of surface drilling locations on EP187 for our 2020 exploration drilling campaign, and ultimately the drilling and completion design for appraisal and development wells as the company moves forward.
EP187 EXPLORATION DRILLING PLANNING
In Q3 2019, Empire advised shareholders that its wholly owned subsidiary, Imperial Oil & Gas, had submitted an Environment Management Plan (EMP) for the drilling of up to two wells in EP187 which the Northern Territory Government accepted and which is undergoing formal assessment.
Once approved by the Northern Territory Government, the EMP would remain in place for five years, thereby providing Empire with significant flexibility regarding timing and planning for prospective drilling operations.
The approval process, which is already well underway, is progressing well.
Empire anticipates that it will receive Northern Territory Government approvals for the drilling program in advance of the commencement of the 2020 dry season (early Q2 2020).
Empire will continue to update shareholders as the approval process progresses.
Empire Energy( ASX:EEG ) (OTCMKTS:EEGUF) is a conventional oil and natural gas producer with operations in Appalachia (New York and Pennsylvania) and the MidCon (Kansas and Oklahoma).
The Company has over 14.5 million acres in the McArthur & Beetaloo Basins, Northern Territory, both of which are considered highly prospective for large shale oil and gas resources. Work undertaken by the Company over the past 5 years demonstrates that the Central Trough of the McArthur Basin, of which the Company holds around 80%, is highly prospective, with key similarities to those extending through Oman, Siberia and Southern China and which contain resources of billions of barrels of oil equivalent.
Empire Energy Group LtdE: : +61-2-9251-1846F: +61-2-9251-0244WWW: www.empireenergygroup.net
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