Empire Energy Group (ASX:EEG) has been on a roll recently, announcing approval of its environmental management plan and the commencement of drilling. Today, the company announced the execution of binding commitment letters with Macquarie Bank for a $65m financing package to advance the Beetaloo Basin projects. The funding comprises three facilities designed to support key initiatives, including exploration, infrastructure construction and environmental obligations....

The financing includes a $30m Research and Development (R&D) Facility, upsized from $2.25m, tied to future tax rebates under Australia’s R&D Tax Incentive Scheme. Funds will cover exploration and infrastructure activities, such as the Carpentaria-5H well. Additionally, a $5m Performance Bond Facility will address Northern Territory environmental bonding requirements. Finally, a new $30m Midstream Infrastructure Facility will finance the refurbishment and construction of the Carpentaria Gas Plant, with repayments structured through tolling fees....

Managing Director Alex Underwood commented: “Macquarie has been financing Empire Energy for 15 years. This package enables us to progress towards pilot production in 2025, targeting demand in the Northern Territory and Australia’s east coast market.”...

Empire is currently drilling the intermediate section of the Carpentaria-5H well, with plans to target the Middle Velkerri B shale interval. The company has reported a cash balance of $34.8m as of September 2024....

Shares are trading 2.38% higher at 21.5 cents....

Empire Energy Group (ASX:EEG) has announced that the Northern Territory Government has approved its Environmental Management Plan (EMP) for the Carpentaria Pilot Project in the Beetaloo Basin. This approval covers key components of the project, including the drilling of up to nine new wells, installation of the Carpentaria Gas Plant, and connection to the McArthur River Pipeline for gas export....

Empire Energy is an oil and gas exploration and production company focused on unconventional gas resources in the Northern Territory's Beetaloo and McArthur Basins. "Unconventional" refers to natural gas found in rock formations like shale or tight sandstone, which require advanced extraction techniques, such as hydraulic fracturing, to release. Empire aims to tap into these resources to help meet Australia’s energy demands while supporting a transition to cleaner fuel sources. The east coast gas market may experience gas supply shortfalls as early as 2027....

The EMP approval allows Empire to advance its pilot production plans, initially focusing on drilling the Carpentaria-5H well. Empire has reported that the Ensign Rig #965 is now on location, and drilling is set to begin soon....

Empire’s Managing Director, Alex Underwood, highlighted the project's expected benefits, noting its potential to supply gas to the Northern Territory, create jobs, and support energy affordability across the region....

The project’s final regulatory step involves approval to sell gas under the Northern Territory’s Beneficial Use of Test Gas provisions. Stakeholder consultations, including discussions with traditional landowners, are already in progress....

Shares in Empire Energy have jumped 13.51% on the back of this news to 21 cents....