Empire Energy Receives The First Beetaloo Basin Finance Allocation From The Australian Government

The Australian government has given Empire Energy three grants totaling up to $21 million (Aus.) under the Beetaloo Cooperative Drilling Program, which was announced earlier this year.

The funds will be used to drill new exploration wells in Empire's 100 percent-owned EP187 exploration permit in the Beetaloo basin of the Northern Territory.

The funding will cover up to 25% of eligible expenditures, such as additional seismic acquisition, drilling up to three horizontal wells in 2021 and 2022, fracture stimulation, well completion, and flow testing. In the fourth quarter of this year, the first horizontal appraisal well is expected to be spud.

By the end of 2022, the government program will have allocated $50 million to exploratory activities in the basin. The program's maximum award is $7.5 million per well, with a cap of 25% of the cost of each well and a maximum of three wells per enterprise. Seismic acquisition and flow testing are examples of related support tasks that are covered under the program.

Empire Energy is the first company to be approved under the new system. 

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