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Looks like Pioneer and Exxon are in the talks not sure how it all may play out but looks very positive for mr Sheffield https://www.msn.com/en-us/money/markets/pioneer-natural-jumps-on-report-of-buyout-talks-with-exxon/ar-AA19HhHL
I think we had a lot of noise in the media about the lower house passing the bill, but reading how the laws are made in Oz, it does not mean anything, just like in US Senate has to approve it, so I am guessing it will never see the light in its original form so changes will have to be negotiated. Since the news flow about this went silent, I think there is a minimal chance it will become the law.
"A bill can only become a law if it is passed by a majority vote in the Senate and the House of Representatives. The bill must be agreed to in identical form by both the Senate and House, and given Royal Assent by the Governor-General. "
On 27 March 2023, the House of Representatives passed the Safeguard Mechanism (Crediting) Amendment Bill 2023(1). Empire understands that the bill will be considered by the Senate shortly. The Safeguard Mechanism applies to facilities with scope 1 covered emissions of more than 100,000 tonnes of carbon dioxide equivalent (CO2-e) per year(2). Empire‘s present expectation is that its pilot project is not likely to reach the Safeguard Mechanism threshold.
It has been reported in the media that new gas entrants in the basin will be required to have net zero scope 1 emissions from entry. This is consistent with the prior Commonwealth Government’s April 2022 commitments. Whilst no current impact on the company’s operations, Empire’s management continue to monitor these developments closely.
1. https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r6957
2. https://www.cleanenergyregulator.gov.au/NGER/The-safeguard-mechanism
The flow definitely improved, unfortunately greenies are ones again causing trouble and we may be sitting at new low for all Beetaloo investments and I think good flow rates will not improve the stock prices in the short term. The law that is about to pass will make things like raising capital a problem there for impacting new investment.
Looks like we have flow improvement. for Empire.
TBN/FOG/FO is covered by the clouds :(
https://apps.sentinel-hub.com/eo-browser/?zoom=17&lat=-16.70015&lng=135.10026&themeId=DEFAULT-THEME&visualizationUrl=https%3A%2F%2Fservices.sentinel-hub.com%2Fogc%2Fwms%2Fbd86bcc0-f318-402b-a145-015f85b9427e&datasetId=S2L2A&fromTime=2023-03-09T00%3A00%3A00.000Z&toTime=2023-03-09T23%3A59%3A59.999Z&layerId=6-SWIR
Good reference for the future flow reference 3 mmcf per day from space
https://apps.sentinel-hub.com/eo-browser/?zoom=16&lat=-16.69663&lng=135.09699&themeId=DEFAULT-THEME&visualizationUrl=https%3A%2F%2Fservices.sentinel-hub.com%2Fogc%2Fwms%2Fbd86bcc0-f318-402b-a145-015f85b9427e&datasetId=S2L2A&fromTime=2023-03-09T00%3A00%3A00.000Z&toTime=2023-03-09T23%3A59%3A59.999Z&layerId=6-SWIR&demSource3D=%22MAPZEN%22
Underwood's concern was the Market response to the result, not the actual result. They hoped to have something better to get out for the market but to be realistic, that is not Marcellus Shale. It is a very much different shale, and it will need to have a unique approach to extraction, which will take time to develop. Soaking is working on the H2, so let's see what happens in the next 20 days. Remember Tambo and Santos wells. They have a Vertical well with excellent flow rates after being shut down. The irony is that it was shut down due to the lawsuit, which may have opened the proper procedure to open up the shale.
Empire success will probably translate to FOG and Tambo success as well
Empire Energy Group (ASX:EEG) - Primed for a big 2023
Research as a Service (RaaS) is re-initiating coverage of Empire Energy Group (ASX:EEG) which has the largest tenement position in the highly prospective Greater McArthur Basin, including the Beetaloo Sub-basin, in the Northern Territory. Key investment thesis: Empire Energy represents a pure, independent and highly leveraged exposure to the transformational potential of the NT basins; The current phase of drilling and evaluation puts the company on the cusp of the commercial pathway with flow results likely from the Carpentaria-3H and -2H in the next month. Early commercialisation looks tantalisingly close; We reinitiate coverage of Empire Energy Group Limited with a valuation range of $0.68-$1.03/share with a mid-point (base case) of $0.83/share. Our base case represents a >400% premium to the current share price of $0.18/share.