In preparation for the FID, Empire recently raised $46.8 million in fresh equity, sold its United States assets for US$9.1 million (A$13.9 million) and repaid an outstanding US credit facility, bringing its total cash at balance to $57 million. The funds will be used to start the downstream work of constructing the processing facility, including the installation of its newly-acquired 42TJ per day Rosalind Park Gas Plant (CPP) and the development of a gas and water gathering system from the wells to the plant.

An environment management plan (EMP) for the CPP was submitted to the NT Government in the previous quarter for review and the company expects to receive the nod during the current quarter. Once approved, Empire will also have all the necessary clearances to proceed with all the upstream drilling, including hydraulic stimulation and flow testing of up to 10 new horizontal wells, in addition to constructing up to four new well pads.

Leading the charge in a quiet revolution of the Australian gas industry, the Beetaloo Basin is rapidly proving its potential, with an estimated resource of more than 100 trillion cubic feet (Tcf) of recoverable shale dry gas. The extensive shale targets, if developed, could significantly boost East Coast Australia’s future energy supplies and elevate the nation’s growing LNG (liquified natural gas) exports by using Darwin’s expanding terminals for processing and shipping.

Empire is at the forefront of the transformation, holding more than 28 million acres – the biggest acreage position in the basin. Although not yet proven, the scale of the estimated resource is comparable to that of Australia’s North West Shelf, which has consistently maintained the nation’s position as one of the world’s top two seaborne LNG exporters.

The sales agreement struck by Empire with the NT Government today speaks volumes about the future potential of the Carpentaria project. Given the forward sale has been awarded ahead of the impending environmental nod of approval and with funding is now in place, it would appear the company has now got to a point where its FID has a strong chance of coming to fruition – clearing the path to first sales by mid-next year.

And the market appears happy with progress, with the company’s share price today reaching as much as 33c – its highest intraday trading mark for two years and up nearly 18 per cent for the day with close to 3 million units traded.

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