Sydney, Australia (ABN Newswire) - Empire Energy Group Limited (ASX:EEG) (OTCMKTS:EEGUF) is pleased to provide shareholders with its Quarterly Activity Report for the period ending 31 December 2019.
Activity Report for the Quarter ended December 2019
HIGHLIGHTS
- Empire's newly acquired, processed, and interpreted 2D seismic confirms a material Beetaloo Basin acreage position wholly owned by Empire
- Empire EP187 2020 exploration drilling approvals well advanced
- Solid US operational performance negatively impacted by low prevailing US gas prices
- US cost reduction measures implemented following Kansas asset sale, resulting in one-off restructuring costs
- Empire in a net cash position for the first time since 2010 following successful completion of A$12 million placement
- Directors of the Company increased their shareholdings during the Quarter
- Research coverage initiated on Empire
- Santos vertical Tanumbirini-1 well production testing results above expectations
- Origin horizontal Kyalla 117 N2 1H well drilling advanced
To view the quarterly report, please visit:
https://abnnewswire.net/lnk/UO00L13W
About Empire Energy Group Ltd:
Empire Energy (ASX:EEG) (OTCMKTS:EEGUF) is a conventional oil and natural gas producer with operations in Appalachia (New York and Pennsylvania) and the MidCon (Kansas and Oklahoma).
The Company has over 14.5 million acres in the McArthur & Beetaloo Basins, Northern Territory, both of which are considered highly prospective for large shale oil and gas resources. Work undertaken by the Company over the past 5 years demonstrates that the Central Trough of the McArthur Basin, of which the Company holds around 80%, is highly prospective, with key similarities to those extending through Oman, Siberia and Southern China and which contain resources of billions of barrels of oil equivalent.
Source:
Empire Energy Group Ltd
Contact:
Empire Energy Group Ltd
E: info@empiregp.net
T: +61-2-9251-1846
F: +61-2-9251-0244
WWW: www.empireenergygroup.net
Source: ABN/Asia Business Newswire
(February 2, 2020 - 5:26 PM EST)
News by QuoteMedia
www.quotemedia.com
