Empire Energy Completes Drilling, Casing of Beetaloo Basin Well; Shares Down 7%

MT Newswires Live2024-12-30

Empire Energy Group (ASX:EEG) completed drilling and casing of the Carpentaria-5H well within the Beetaloo Basin in Northern Territory, reaching a total length of 5,310 meters, according to a Monday filing with the Australian bourse.

The company will start fracture stimulation of the well in April 2025, immediately after the wet season, with expected IP(30) flow rates in the second quarter of 2025, the filing said.

Additionally, the company executed facility documentation with Macquarie Group's (ASX:MQG) Macquarie Bank for a AU$30 million research and development facility and AU$5 million performance bond facility, according to the filing.

Empire Energy shares fell nearly 7% in morning trade Monday.

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