The Territory Labor Government is focused on growing our economy and natural gas is a key pillar in our comprehensive plan.
Today, announced on the ASX, Empire Energy has successfully raised over $46 million enabling them to progress drilling in the Beetaloo Sub-Basin for natural gas.
The drilling will comprise of a pilot development well for pre-production testing. Empire Energy is anticipating commencement of commercial production by 2025 with the first supply of natural gas going into the Northern Territory Market.
This announcement highlights international confidence in the Beetaloo Sub-Basin and in the Territory's economy moving forward, with an estimated $17 billion increase in economic activity through the Beetaloo Sub-Basin alone.
Natural Gas will facilitate working opportunities for thousands of Territorians, boost local businesses and secure precious energy supplies.
This comes as the Territory Labor Government announced $2 million per year securing our natural gas industry through a regional monitoring program in the Beetaloo Sub-Basin. This investment ensures the strongest environmental safeguards based on data collected through the Beetaloo Sub-Basin SREBA are maintained.
Quotes attributable to Chief Minister, Eva Lawler:
"Today's announcement by Empire is fantastic news for jobs, fantastic news for our economy and fantastic news for the future of the Territory.
"I am focused on getting Territorians working and as we continue to grow this critical sector, more and more opportunities become available for Territorians to secure stable employment.
"The Northern Territory will be at the forefront of natural gas production, and we will be the jurisdiction to deliver cheaper, cleaner and more reliable energy to the rest of Australia."
Quotes attributable to Minister for Mining, Mark Monaghan:
"The Territory Labor Government's focus is to grow our economy, create working opportunities for Territorians and transition to a cleaner future, and this announcement by Empire Energy provides great confidence in all three.
"Only last week the Lawler Government announced funding to implement the regional monitoring program in the Sub-Beetaloo Basin, ensuring all progress made is underpinned by strong environmental safeguards."
Quotes attributable to Empire Energy Managing Director Alex Underwood:
"The Empire team is grateful for the support of leading US shale gas players Bryan Sheffield and Liberty Energy, alongside existing and new shareholders, in this capital raise.
"Bryan and Liberty have a proven track record of responsible development and value creation.
"The proceeds of this raise will be deployed in the further development in the Beetaloo Basin, in activities supporting NT businesses and local job creation.
"We appreciate the support of the NT Government to facilitate our activities, and we are committed to sustainably developing the Beetaloo's substantial natural gas resources.
"Successful development will enhance the energy security of the NT, as well as potentially putting downward pressure on gas prices, and in the longer term create new supply for eastern Australia and our export markets in Asia."
Northern Territory Government
