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Empire Energy secures $15.6m for Carpentaria Pilot


Empire Energy secured the funding through the Australian Taxation Office’s (ATO) Research and Development (R&D) tax incentive.

Now with a cash flow of $29.3 million, Empire anticipates it is fully funded to progress the EP 187 Carpentaria pilot project’s final investment decision.

The pilot project, located in the Northern Territory’s Beetaloo sub basin, continues to make progress advancing field development planning, pipeline access negotiations, a formal gas sales marketing process, regulatory and indigenous approvals and planning for project financing.

“The Empire team is pleased to have received this R&D tax offset as it positions us to focus on completing the Pilot Project final investment decision process,” Empire Energy managing director Alex Underwood said.

“Empire’s focus is on funding the pilot project in a manner that minimises dilution of shareholder’s interests in the company.

“To that end, Empire is discussing potential debt options with lenders and has commenced discussions with parties interested in acquiring a direct working interest in the project in exchange for funding development activities.”

The announcement follows the company signing an initial agreement with APA Group, to progress works associated with the development of its Carpentaria pilot project.

Under the initial agreement, APA will commence pre-engineering studies to potentially develop gathering pipelines and infrastructure.

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