Empire Energy has announced a $65 million Beetaloo financing package with Macquarie, which will support the development of its Carpentaria pilot project in the NT.
The $30 million R&D facility will fund exploration, appraisal and development activities including Carpentaria-5H. Another $30 midstream infrastructure facility will finance refurbishment and construction of the Carpentaria gas plant and associated infrastructure. A final $5 million performance bond facility will help Empire meet its NT environmental bonding obligations.
Empire is currently drilling ahead in the vertical section of the intermediate hole at Carpentaria-5H at a depth of 770m.
“This financing package, along with existing cash resources, will fund the drilling, completion and flow testing of C-5H and the installation of the Carpentaria gas plant and associated in-field infrastructure,” Empire Energy managing director AlexUnderwood said.
“This represents a key milestone in Empire’s stated goal to move into pilot production from the Beetaloo Basin commencing in 2025to meet demand for gas in the NT and, ultimately, Australia’s supply-constrained East Coast market.”
It follows the NT Government’s recent environmental approval for the Carpentaria pilot project.
The approved environment management plan covers nine new wells, installation of the gas plant, and above ground process facilities with access to McArthur River pipeline for export to gas markets.
Empire Energy is still awaiting approval for the sale of gas from the project, but this process is well-advanced.
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