The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
āEPL thresholds: Brent ($71); NBP (54p) for 2q; NBP now 62p; Brent $76 -> triggers EPL.
If this is the mechanisms (i.e. step instead of sliding scale charges) it would be a failure by
@HMRCgovuk
.
UK shareholders would have to hope for LOWER price band for a HIGHER NAV. Absurdā
https://twitter.com/BurggrabenH/status/1667130891456397315
Https://twitter.com/OilSheppard/status/1667059673311084546?s=20
UK government confirms our scoop from last night - sets price floor for oil & gas windfall tax - if both crude oil averages below $71.40 a barrel and gas Ā£0.54 a therm for two consecutive quarters, tax rate will revert from 75% to 40%
https://ft.com/content/ef695abf-6d2b-4ba7-aeb5-9d5a19feb1c5#post-9d096317-7de8-4315-8676-1199974400afā¦ via
@financialtimes
āThe inclusion of Tamboran Resources, which plans to frack ā or hydraulically fracture ā the Beetalooās vast gas resource, will be hotly opposed by environmental activists but is no surprise given the strong support from the NT and federal governments for the role of gas as a transitional fuel in decarbonisation.ā
From hotcopper forum:
āFFI and TotalEren are the clean energy arms of Andrew Forrestās Fortescue Metals Group and French oil and gas major Total. The shortlist includes Tamboran Resources, which wants to develop the giant Beetaloo gas field;ā
https://www.afr.com/policy/energy-and-climate/nt-to-anoint-fracking-hydrogen-battery-mineral-hopefuls-20230607-p5dels
New analyst report (āadvertisementā) in the website Empire.
https://empireenergygroup.net/wp-content/uploads/2023-06-02-EEG-Empire-Energy-Group-RaaS-Update.pdf
Https://www.rudaw.net/english/interview/03062023
āRegarding the suspension of Kurdistan Region's oil exports through the Iraq-Turkey pipeline amid an ongoing arbitration row between Baghdad and Ankara, Ghani said that Iraq took advantage of the suspension of exports to meet its reduction quota in OPEC as it had previously failed to make required cuts.ā
Https://www.amazon.com/Prize-Epic-Quest-Money-Power/dp/1439110123
Nice book to read while waiting. Development takes a lot of time and patience.
āWith his far-reaching insight and in-depth research, Yergin is uniquely positioned to address the present battle over energy which undoubtedly ranks as one of the most vital issues of our time. The canvas of his narrative history is enormousāfrom the drilling of the first well in Pennsylvania through two great world wars to the Iraqi invasion of Kuwait, Operation Desert Storm, and both the Iraq War and current climate change. The definitive work on the subject of oil, The Prize is a book of extraordinary breadth, riveting excitement, and great valueācrucial to our understanding of world politics and the economy todayāand tomorrow.ā
He currently serves as a senior consultant with Diamond Gas International, Mitsubishi Corporationās LNG marketing and business development subsidiary, and Shinka Management.
https://www.energytodaymag.com.au/empire-appoints-peter-cleary-as-chairman/
Pathway to Carpentaria Pilot Project Production and Revenue
EXPLORATION & APPRAISAL
2021 2022
ā2C Contingent Resource: 575 BCFe
ā2U Prospective Resources: ~48 TCFe
āGas Sales & Transportation: APA Group and Power and Water Corporation MoUs Executed āEstablished $15 million credit facility with Macquarie Bank to move to project financing
KEY ACTIVITIES TO CARPENTARIA PILOT PROJECT FID
2023
āMajor Contingent Resource upgrade announced for EP187
āCarpentaria-2H flow rates: normalised IP30 of 10.5 TJ (9.2 mmscf) per day for an equivalent 3,000m horizontal
development well
āCarpentaria-4V: intersected the same stacked Velkerri Formation shales as the Carpentaria Project wells thereby opening the Carpenaria East Area
1. Front End Engineering & Design (āFEEDā): including engineering, economic modelling etc ā¢ Pilot development (up to 25 TJ/d) ā over $90m revenue per annum @ $10/GJ
2. Subsurface design planning
3. Execute gas sales and transportation agreements ā discussions ongoing with multiple parties
4. Arrange financing for pilot (Macquarie Bank credit facility already in place)
5. Obtain government approvals: NT Petroleum Production Licence over Carpentaria
6. Negotiate Northern Land Council (āNLCā) Production Agreement with Traditional Owners
POST FID
2024
1. Pilot project construction
2025
1. First gas sales
2. Planning to move to full development (200 TJ/d+ to East Coast then >1 PJ / day LNG export via Darwin)
Https://hotcopper.com.au/threads/ann-managing-directors-address-to-agm.7405486/
Https://www.investi.com.au/api/announcements/tbn/5a346b5d-647.pdf
Nev1949. Page 7 there is a map of the area.
LNG SCALE DISCOVERED RESOURCE DELINEATED IN EP187
ā¢ Successful 2022 Beetaloo work program has resulted in the certification of an LNG scale resource as independently assessed by Netherland, Sewell & Associates, Inc. (āNSAIā) for Empireās wholly owned and operated EP187:
o 270% increase in 2C Contingent Resources to 1,739 PJ representing an average Estimated Ultimate Recovery (āEURā) per well of 7.9 PJ
o 217% increase in 1C Contingent Resources to 304 PJ representing an average EUR per well of 6.2 PJ
o 129% increase in 3C Contingent Resources to 3,507 PJ representing an average EUR per well of 9.3 PJ
ā¢ Due to the high calorific value of the Empireās EP187 gas, NSAI assessed sales volumes in PJ have a higher energy content than equivalent dry gas volumes.
Comments from Managing Director Alex Underwood:
"The Empire team is delighted to share these outstanding results with shareholders. The volumes delineated in EP187 represent a nationally significant resource of low CO2 gas. Warnings abound from multiple sources that Australia faces material gas shortfalls in years ahead, a view that I share given the enduring role of gas. The Beetaloo and more particularly Empireās resource has the potential to service domestic demand gaps and international sales via LNG. At an assumed gas contract price of $10 / GJ, each development well in EP187 could produce between $62 million and $95 million of revenue over its life, compared to a development cost of ~$20 million in the pilot phase and or ~$15 million in larger development scenarios. NSAI has identified over 200 2C drilling locations, representing LNG scale development potential.
Following the recent green light from the NT Government to move into production, the Empire team is progressing towards development drilling and cash flow. Our current capital resources allow us to proceed to a final investment decision on the pilot project this year without raising any further capital in the near term. This will allow the team to focus on further value accretive work including field development planning, indigenous consultation, regulatory approvals and gas sales negotiations.ā
Https://hotcopper.com.au/threads/ann-major-beetaloo-resource-upgrade.7403521/