Empire Energy has completed a $46.8 million capital raise, which will help the company’s efforts in the Beetaloo Basin.
Bryan Sheffield and Liberty Energy each invested $7.7 million in the placement, which has now placed Empire Energy to drill a 3km fracture stimulated horizontal pilot development well in EP187.
The funds will help the company progress engineering and preparation for installation of Carpentaria Pilot Project surface facilities.
“The Empire team is delighted to have received the support of key US strategic investors in the Beetaloo Basin, alongside investments from new and existing institutional and sophisticated investors under the placement,” Empire Energy managing director Alex Underwood.
“The Beetaloo Basin is rapidly approaching a key inflection point which I believe will create substantial value for shareholders.
“We are now well funded to drill, stimulate, and flow test our first pilot development well and to progress our field development plans as we aim to commence gas sales in 2025 into the undersupplied Northern Territory market.”
Daly Waters and Liberty Energy have each independently acquired a 2.25 per cent royalty interest in EP187 for $3.9 million, raising an additional $7.7 million.
Empire anticipates commencement of commercial production and gas sales in 2025.
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