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EEG, EMPIRE ENERGY GROUP LIMITED
blacksheep
post Posted: Jan 26 2019, 09:02 PM
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In Reply To: blacksheep's post @ Sep 20 2018, 03:05 PM

Misleading, deceptive, cronyism: Wild claims fly in corporate fight
QUOTE
A bizarre stoush has enveloped Australian oil and gas producer Empire Energy, with claims of mismanagement, breaches of confidentiality and misleading conduct levelled as a major shareholder tries to remove almost the entire board.

In a dispute three years in the making, major shareholder Global Energy and Resources Development (GERD) is trying to oust Empire Energy's management, claiming the board is unqualified and should be replaced with its own hand-picked directors.

read more - https://www.smh.com.au/business/companies/m...123-p50t48.html
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Sep 20 2018, 03:05 PM
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In Reply To: blacksheep's post @ Apr 17 2018, 03:40 PM

SP up 24% currently on no news @ 3.1c - 3.2mil shares traded

extract from recent capital raise presentation

QUOTE
Transformational Equity Raising
Empire Energy is executing on its strategy to reduce debt and unlock the significant potential of its 14.5 million acre Greater McArthur Basin shale asset
✓ Transformational equity raising to de-leverage and return to growth
✓ Cornerstone support from Macquarie Bank, with 14.58% shareholding upon completion
✓ Empire US assets significantly de-levered with new 3 year debt facility in place
✓ Empire now has the funding to commence its Northern Territory exploration program
✓ Strategically positioned to benefit from significant increase in Northern Territory exploration expenditure by industry heavyweights in 2019
✓ Empire believes the Greater McArthur Basin (including the Beetaloo sub-Basin) has the potential to replicate the US shale boom
✓ Empire is the only ASX listed junior with a material foothold in the Beetaloo sub-Basin

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Apr 17 2018, 03:40 PM
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Posts: 6,791
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SP soaring following the lifting of NT Fracking moratorium - SP up 111.11% @ 3.8c

QUOTE
Empire’s 100% owned subsidiary, Imperial Oil & Gas Pty Limited (“Imperial”), has over 14.5 million acres in
the McArthur and Beetaloo Basins, Northern Territory, both of which are considered highly prospective for
large shale oil and gas resources. The Company has been operating in the Northern Territory since 2010


http://www.abc.net.au/news/2018-04-17/frac...-lifted/9666022


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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
crooky
post Posted: Apr 18 2012, 08:09 PM
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In Reply To: johnnied's post @ Mar 19 2012, 10:34 AM

QUOTE
EEG going off as fracking permits may be politically close to issue in the state where EEG has shale property


Still seems to be in play , reaching another high today.

 
crooky
post Posted: Mar 19 2012, 08:01 PM
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In Reply To: johnnied's post @ Mar 19 2012, 10:34 AM

Would appear so , gone vertical too hard , in the black for now.

 
johnnied
post Posted: Mar 19 2012, 10:34 AM
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EEG going off as fracking permits may be politically close to issue in the state where EEG has shale property.

 

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crooky
post Posted: Aug 1 2011, 06:33 PM
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In Reply To: Barra's post @ Jul 21 2011, 08:20 AM

In for a go as well , today at 18.



 
Barra
post Posted: Jul 21 2011, 08:20 AM
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In Reply To: davo22's post @ Jul 20 2011, 04:50 PM





Some old info here on the Utica shales...Does anyone know what East Resource got in terms of flow rates from the Utica shale testing it did last year in P.A? It looks like whatever East Resources found, Shell jumped in and bought the lot.





Pennsylvania may sit on bigger shale gas bonanza

By Jon Hurdle

PHILADELPHIA | Thu Jul 1, 2010 2:19pm EDT

(Reuters) - Is there even more natural gas than thought encased in the rock below Pennsylvania?

The state that is already estimated to have enough gas in its Marcellus Shale formation to meet total U.S. needs for a decade or more may have additional reserves trapped in geological strata above and below the Marcellus, some energy companies believe.

Test wells sunk in recent months have yielded promising quantities of gas that may indicate major new reserves of a fuel that would reduce carbon emissions, cut U.S. petroleum imports, and generate thousands of jobs.

If confirmed, the new fields would also be economically attractive because they could be exploited by gas rigs that are already drilling into the mile-deep Marcellus, a rock belt that runs from Virginia to New York and extends under Lake Erie to Canada.

One of the fields, the Utica Shale, has already generated interest in the Canadian province of Quebec where a number of horizontal test wells have been drilled, and that optimism is spreading to Pennsylvania, birthplace of the world's oil industry in the mid-19th century.

Range Resources Corp., a Texas-based gas driller that is active in the southwestern Pennsylvania portion of the Marcellus, said it has successfully tested two wells, in the Upper Devonian Shale above the Marcellus, and the Utica, below it. It plans to release more details in the coming months.

"The results are very promising," Range spokesman Matt Pitzarella wrote in an email. "Even though it's still very early, the prospects are very good, indicating that either of these formations could be stand-alone gas fields."

The wells used the same horizontal drilling technology coupled with hydraulic fracturing that together have enabled a boom in development of the Marcellus, a field underlying two-thirds of Pennsylvania where the industry expects to drill some 5,000 wells this year.

Gas from the vast Marcellus Shale is particularly profitable for producers because it is high quality and close to the populous northeastern United States market.

Terry Engelder, a Pennsylvania State University geologist, estimates it holds 489 trillion cubic feet of gas, enough to meet total U.S. needs for about 20 years at the current national consumption rate of some 23 trillion cubic feet a year.

Neither Engelder nor energy industry experts have formally estimated Utica's reserves. CIBC analyst Andrew Potter said 50 trillion cubic feet of recoverable gas was a reasonable estimate for the Quebec portion of the formation.

Since the new shale plays are in the same areas as the Marcellus, they could be developed from existing well pads, cutting costs and reducing environmental damage from the extraction of more gas, Pitzarella said.

COST EFFECTIVE

Engelder, whose Marcellus estimates helped spark the current drilling boom, said the Utica and other shale formations may not contain as much gas as the Marcellus but are still attractive to energy companies because they can be exploited with existing equipment.

"The Utica doesn't have to be nearly as good as the Marcellus to be economic because we already have the infrastructure in place," Engelder said.

The Utica Shale, which covers much of the same geographic region as the Marcellus, in addition to its portion in Quebec, is also being targeted by East Resources Inc., which is already active in the northern Pennsylvania section of the Marcellus.

The Upper Devonian Shale, of which the Marcellus is a part, underlies Virginia, West Virginia and Kentucky as well as sections of Ohio and Pennsylvania.

East is preparing to drill test wells in the Utica Shale this year and believes the formation could contain as much or even more gas than the Marcellus, said Paul Dudenas, the company's manager of corporate engineering.

East agreed in May to be bought for $4.7 billion by Royal Dutch Shell, which is seeking shale-gas assets.

Preliminary drilling of nearby formations indicates the Utica geology is similar to Marcellus. Dudenas said that justifies $7 to $8 million for a test well, twice the cost of a typical Marcellus well.

Still, experts have yet to publish estimates for the wholesale gas price at which drilling in these shale formations would be profitable.

Utica is around 4,000 feet deeper than the Marcellus, so the economics of extracting gas from the new formation could be challenging even if existing infrastructure was used to reach it.

But a major new reserve could become much more attractive if the market price of gas rises significantly above Wednesday's $4.53 per million British Thermal Units for benchmark Henry Hub gas, a relatively low level that has prevented even faster development of Pennsylvania's gas resources.

The potential of the Utica is such that it would be worth exploiting independently of the Marcellus development. "If the Marcellus didn't exist, we would still be drilling the formation," Dudenas said, referring to the Utica Shale.

In northeast Pennsylvania, Cabot Oil & Gas Corp. recently completed a successful test well into the Purcell Limestone, between the upper and lower Marcellus levels.

The well yielded a 30-day average of 7.3 million cubic feet a day, indicating the Purcell reserve may contain significant quantities of gas, Cabot chief executive Dan Dinges told a conference call in February.




Said 'Thanks' for this post: will_sge  
 
davo22
post Posted: Jul 20 2011, 04:50 PM
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Certainly plenty of potential going forward, I bought in the other day at 14c and with any luck after the moratorium is lifted we will be on our way to $1 by early next year.

While little is known about the Mcarthur basin shale a succesful test well could have massive implications for the share price considering they have close to 15mil acres..
cheers

 
Barra
post Posted: Jul 20 2011, 12:38 PM
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In Reply To: will_sge's post @ Jul 19 2011, 12:36 PM

I agree it seems cheap. Infact i am wondering what I am missing.

daily production of 1800boe/d

70 qualified drill targets in Kansas which should add to oil output
Williston basin targets could add significantly to reserves- news pending on 1st two wells

Meanwhile sitting on 168000 acres of Marcellus oil and condensate (resource of 70 mbll) &
176000 acres of Utica shale which could hold about a tcf of gas

Moratorium just lifted on shale fraccing in NY and Pa after 2 years

Deals being done for $2200 an acre on Marcellous acreage which is knocked down due to enviro concerns...This metric values Marcellus assets at 350 million alone...

Market cap is $52 million diluted plus $70 million of debt.

Wish I bought up at 12c when it was down there last month, but have accepted I might have missed that level for now.

 
 


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