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Empire Energy Group: ASX Announcement

24 Oct 2023 9:35 AM | Stephanie Berlin (Administrator)

The Empire team is pleased to have received this R&D tax offset as it positions us to focus on completing the Pilot Project FID process. We are making material progress on the Pilot Project, advancing:

  1. Field Development Planning, including identifying locations for and the design of development wells and surface facilities;
  2. Pipeline access negotiations;
  3. A formal gas sales marketing process;
  4. Regulatory and indigenous approvals; and
  5. Planning for project financing.

Empire’s focus is on funding the Pilot Project in a manner that minimizes dilution of shareholder’s interests in the Company. To that end, Empire is discussing potential debt options with lenders and has commenced discussions with parties interested in acquiring a direct working interest in the project in exchange for funding development activities.

We look forward to updating shareholders as these value accretive initiatives progress."

Source: Empire Energy Group

Please click here to read the full announcement.

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