Beetaloo Drilling Grant Agreements Executed

Empire Energy is pleased to provide an update regarding grants awarded under the Australian Government’s Beetaloo Cooperative Drilling Program.

Empire’s wholly owned subsidiary, Imperial Oil & Gas Pty Limited (“Imperial”), has executed grant agreements with the Australian Government totalling up to $19.4 million which will offset 25% of the cost of seismic acquisition and the drilling, fracture stimulation and flow testing of three horizontal appraisal wells in its 100% owned EP187 tenement, located in the Beetaloo Sub-basin, Northern Territory.

The new grant agreements replace previous grant agreements which became void as a result of a decision of the Federal Court of Australia which found, inter alia, that the instrument under which the Beetaloo Cooperative Drilling Program was formed and the decision to approve funding to Imperial (the “Approval Decision”) were valid.

The grant agreements are on materially similar terms to those entered into previously and reported to shareholders on 10 September 2021. Activities already carried out by Imperial in EP187 in accordance with the original approval decision including the Charlotte 2D seismic survey and the drilling of Carpentaria-2H are eligible for grant funding in accordance with the Approval Decision.

Access full announcement here