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Empire Energy Group Ltd (EEG.AX) Power Water Corporation Gas Sales and Transportation MOU
Sydney, Australia, Nov 1, 2021 - (ABN Newswire) - Empire Energy Group Limited (ASX:EEG) (OTCMKTS:EEGUF) is pleased to announce that it has executed a gas sales and transportation memorandum of understanding ("MOU") with Power and Water Corporation ("Power and Water").
Power and Water is a Northern Territory Government owned corporation and is the Northern Territory's largest provider of gas, electricity networks, water and sewerage services. Its gas unit buys gas from producers for onward supply to electricity generators and major gas users across Northern Australia. Power and Water reported revenues and EBITDA for the financial year ended 30 June 2021 of $810.8 million and $222.0 million, respectively.
The MOU is in relation to gas to be produced from Empire's Northern Territory assets following award of production licenses, including EP187 and Empire's newly acquired Western Beetaloo tenements, and transportation services for gas delivered from EP187. The execution of the MOU aligns with Empire's commercialisation strategy for its Beetaloo Sub-basin assets.
The MOU facilitates negotiations in good faith for potential gas sales and transportation arrangements.
To view the map detailing Empire's Beetaloo Sub-basin permits, and Power and Water's McArthur River Pipeline, please visit:
About Empire Energy Group Ltd:
Empire Energy (ASX:EEG) (OTCMKTS:EEGUF) holds over 14.5 million acres of highly prospective exploration tenements in the McArthur and Beetaloo Basins, Northern Territory. Work undertaken by the Company since 2010 demonstrates that the Eastern depositional Trough of the McArthur Basin, of which the Company holds 80% has very considerable conventional and unconventional hydrocarbon potential. The Beetaloo sub-Basin, in which Empire holds a substantial position, has independently assessed world class hydrocarbon volumes in place with a major ramp up in industry activity underway to appraise substantial discoveries already made by major Australian oil and gas operators.
Empire Energy is an experienced conventional oil and gas producer with operations in the Appalachia region (New York and Pennsylvania). Empire has been successfully developing and producing oil and gas since 2006.
Empire Energy Group Ltd
Empire Energy Group Ltd
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