Imagine if they had already declared a discovery like FO!
Blue Ocean lifted its base value of Empire by 55% from 49 cents per share to 76 cents based on the upgraded potential of the Beetaloo acreage. This would give the company a market cap of $203 million.
Taylor Collision also released its own view following Netherland, Sewell & Associates report.
"Although it is early stage activity, the confidence level associated with the gas potential remains relatively high and Empire Energy is sitting on an extensive gas resource," analyst Andrew Williams noted.
"Based on increased gas potential, confidence levels, and adjustments to risk weightings, we value the company in a range of $81 million to $389 million."
This would equate to around 31 cents to $1.47 per share.
Empire has been picking up the pace in the Beetaloo despite recent turbulence and operational challenges due to the COVID-19 pandemic.
In March it received approval from the Northern Territory government to drill its planned Carpentaria-1 vertical exploration well which will target the Velkerri and Kyalla shales.
The well will be drilled to about 2900 metres.
Once the well is drilled it will be suspended and potentially vertically fracced before a horizontal section is drilled.
Syndey, May 25, 2020 AEST (ABN Newswire) - Empire Energy Group Limited (ASX:EEG) (OTCMKTS:EEGUF) is pleased to announce the appointment of Mr Peter Cleary to the Board of Directors
Mr Cleary is a leader in the oil and gas sector. He holds relationships with commercial and government entities gained over a distinguished 29-year career representing Santos, the North West Shelf Venturers and BP in Asia. His executive career was in LNG, pipeline gas and chemicals operations. Mr Cleary's full biography is available in the link below.
Mr Cleary's industry experience, relationships and track record will be of particular value to Empire as its progresses its Northern Territory onshore shale petroleum portfolio from exploration to appraisal and ultimately commercialisation.
Empire's recently reported independent assessment of recoverable prospective resources in the Beetaloo and McArthur Basins of the Northern Territory, strategically located close to LNG consumer markets in North Asia, have the scale to become a major source of LNG feedstock from existing and new export infrastructure in Darwin.
Mr Cleary will stand for election at the upcoming AGM to be held on 14 July 2020.
To view more details, please visit:
Mr Cleary is currently a Senior Consultant with Diamond Gas International, Mitsubishi
Corporation’s LNG marketing and business development subsidiary as well as Shinka
Management, a group that advises on the application of Japanese productivity practices to
clients in 26 countries.
Mr Cleary held two key roles in the Senior Leadership Team at Santos from 2010 to 2015, first
as Vice President Strategy and Corporate Development and then as Vice President LNG
Markets and Eastern Australia Commercial.
Prior to joining Santos, Mr Cleary enjoyed a 24-year career with BP where he held senior
management positions in Australia, Indonesia, Korea, Hong Kong, Abu Dhabi and the United
While a senior executive with BP, he was the President of North West Shelf Australia LNG, the
LNG marketing company for the North West Shelf Joint Venture (“NWSV”). During this time
the NWSV delivered the first cargo of LNG into China. He developed senior Venture
relationships with LNG buyers and governments in all external markets particularly China,
Japan and Korea, as well as with the Australian and Western Australian Governments.
Mr Cleary is currently a member of the Executive Committee of the Australia Japan Business
Co-operation Committee and the Australia Korea Business Council. He is Chair and Fellow of
the Australian Institute of Energy – SA Branch and the President of Water Polo South
Australia. He previously held positions as a Board member of the Australian Petroleum
Production & Exploration Association (APPEA), the Australia China Council and the Australia
Japan Foundation. He is a Graduate of the Australian Institute of Company Directors.
Federal Resources, Water and Northern Australia Minister Keith Pitt has called for continued investment in the Australian oil and gas sector, despite the price volatility.
“The Beetaloo basin may contain more gas then is off the North West Shelf. If commercial it will create thousands of jobs and business opportunities and really build Darwin into a true downstream petroleum hub along with its strong liquefied natural gas (LNG) export projects.”
Maybe why there was some action yesterday?
Nice try! This is your bet.
"Time to put up or shut up , as you know I said in August the price would be lower in January then , I was right as usual ! I challenge every one that I believe we will see an offering before August selling many more millions into the market if I am wrong I won't post here again and same to all challengers. Anyone ?"
Since some of us seem to have a little extra time on our hands with the social distancing, check the 8 min video on the new Michael Moore film.
The film - "A new documentary produced by the “far green left” has in fact put the argument forward “that renewable energy is not clean, not green and not practical."
Australia wants to have a strategic fuel reserve.
Let's say BOQ loves golf. And, what might be the best golf course in the world, is just a 5 minute drive from your house. They said memberships are very reasonable, but the initiation fee is $60M. But, they also tell you that we may close the course and build homes. You say what the hell, you join. No one is going to build homes on maybe the best course in the world. But, guess what? They decided to build homes. Course is gone as well as your $60M. Good deal, eh?
On March 23rd, Santos announced a $550 million (38%) reduction in 2020 capital expenditure. Guess we could see this coming. I didn't dig out Origin's expected FY2021 capital expenditure numbers. That would start July 1 I believe. I would thing Santos would have a larger capital expenditure numbers than Origin. They did say they were still committed to Beeataloo in the 2nd half of the year.
Santos had an AGM on April 3rd. Looks like they are putting off any further work at Tanumbirini for a long while. COVID and cost cutting.
Last year, we expected to drill two exploration wells in the Northern Territory’s McArthur
Basin onshore shale gas province.
Unfortunately, a combination of weather and rig delays meant the program could not be
undertaken in 2019 and the cost-cutting measures we announced on 23 March mean that these
wells will now be delayed beyond 2020.
We were, however, able to conduct hydraulic fracture stimulation on our Tanumbirini-1 well and
confirm a successful gas discovery.
With the current public health crisis and the vulnerability of remote and Indigenous communities,
we plan to curtail further testing of this well and safely shut it in to avoid the movement of people
in and out of the area to help keep these communities healthy and safe.
The pipeline would transport gas and/or liquids.
The consultants would need to "conduct and record initial landowner discussions with regard to the position of the corridor within their property".
Lock the Gate Alliance said maps released with the tender show the pipeline would travel from Tennant Creek to a gas hub near Darwin where it could then be exported to Asian countries.
Arid Lands Environment Centre director Jimmy ****ing said it was a disturbing revelation at a time when gas fracking companies were indefinitely putting their operations in the NT on hold.
"It's bad enough the NT Government would spend public money propping up the fracking industry," he said.
Dan Robins from Protect Country Alliance in Darwin said it made no sense to be supporting an economically unviable industry.
"There is no sound reason for public money to be spent on gas infrastructure even when economic times are good, but to do so now is simply lunacy.
The NT Government has been approached today for comment.
Gunner's surprise plans for a gas pipeline to connect Beetaloo to Darwin
Details of a pipeline to bring onshore gas from the Beetaloo Basin to Darwin were disclosed today.
For many, the proposed pipeline is the missing piece of the puzzle needed for the establishment of an onshore gas industry in the NT.
The NT Government has advertised a tender, made public by the Lock the Gate Alliance today, for a pre-feasibility study for a pipeline "corridor" from Tennant Creek to Darwin.
The 100-metre wide corridor of the pipeline is proposed to closely follow the Stuart Highway and through Katherine and Pine Creek to reach Darwin.
Another gas pipeline between Tennant Creek and Mount Isa, a distance of 622km, was opened by Jemena in 2018.
At the time, then Minister for Resources and Northern Australia Matt Canavan said the $800 million pipeline linked NT's Amadeus Gas Pipeline to Queensland's Carpentaria Gas Pipeline.
With this latest move the Northern Gas Pipeline could be used to send any gas extracted by fracking from the Beetaloo Basin west to Tennant Creek and through this new pipeline to Darwin for either processing or direct export.
Several companies Origin Energy and Santos chief among them, are well advanced on their exploration of shale gas in the Beetaloo since the NT Government dropped a moratorium against the industry in April 2018.
Most experts believe there are huge reservoirs of gas which could be unlocked by fracking in the Beetaloo but the costs of extracting the gas from deep underground and sending it to the east coast could have made the industry unviable.
The closing date for tenders for this pre-feasibility study is tomorrow.
One of the jobs proposed for the consultants is to consider landowner arrangements where the pipeline is to be laid north to Darwin.
"This is aimed to provide clarity to the Gas Taskforce and Government for future decisions regarding acquisition of a corridor to transport gas from on shore reserves to existing and planned gas industry infrastructure," tender documents state.