- Empire Energy Group will begin seismic line land clearing in late September in the Beetaloo and McArthur Basins in the Northern Territory
- The company expects the government to approve the plan by September with seismic following shortly after
Empire Energy Group will begin seismic line land clearing in late September in the Beetaloo and McArthur Basins in the Northern Territory.
The Northern Territory Government has recently accepted a formal assessment for Empire’s EP187 2D Seismic Environmental Management Plan (EMP).
The company expects the government to approve the plan by September with seismic following shortly after.
Seismic testing involves setting off underwater blasts that send soundwaves through the ocean floor to see if there are gas and oil potential.
Empire will then process and interpret the seismic data which will be used to inform the selection of drilling locations on EP187.
If the EMP is approved by the government it will be in place for five years, providing Empire with drilling operations.
Empire is the first junior oil and gas operator in the Beetaloo and McArthur Basins to reach this stage in the regulatory approval process since the lifting of the fracking moratorium and implementation of new regulations.
“It is Empire’s view that gaining Government approvals for drilling will enhance the attractiveness of the project to potential joint venture partners as Empire will be one of the few companies in the Beetaloo and McArthur Basins with 100 per cent equity in its project and ‘drill ready’ prospects,” the announcement stated.
Empire Energy shares are down 6.98 per cent and is currently selling at 20¢.