Australia's Empire to Acquire Gas Plant for Carpentaria

Source: www.gulfoilandgas.com 12/4/2023, Location: Not categorized

Empire Energy has acquired AGL's Rosalind Park Gas Plant for $2.5 million in cash, which significantly accelerates the path to Carpentaria Pilot Project production and reduces capital expenditure required to commence gas sales. Empire has acquired AGL Limited’s Rosalind Park Gas Plant ('RPGP') for $2.5 million in cash This significantly accelerates the path to Carpentaria Pilot Project production and reduces capital expenditure required to commence gas sales RPGP has a design capacity of 42 TJ / day and supported AGL’s Camden Gas Project until it ceased production in August 2023 RPGP is a fit for purpose facility that has passed Empire’s stringent technical due diligence process Empire estimates that the acquisition of the RPGP may result in >$30 million in cost savings and reduce lead time by ~12 months compared to new build alternatives • Empire is focused on reaching a final investment decision for the Pilot Project in the coming months Comments from Managing Director Alex Underwood: 'This is a material development for Empire, its shareholders and all stakeholders involved in the development of the Beetaloo Sub-basin, and the substantial economic benefits and energy security that Empire’s Beetaloo project can provide for all Australians. The Rosalind Park Gas Plant has been very well managed by AGL during its time processing gas for supply into the Sydney market and meets the specifications Empire requires for processing its low CO2 Beetaloo gas for supply into NT market and Australian East Coast markets from the EP187 Carpentaria Pilot Project, and in future larger scale development scenarios. This comes at a critical time for energy security for the NT market, given that existing sources of supply continue to decline. Success at the Carpentaria Pilot Project would achieve two critical goals for Empire and its shareholders: one, the generation of material cash flow to support our ongoing growth, and two, demonstration of the long-term deliverability of development wells in the Beetaloo Basin, all while reducing the emissions that would otherwise result from flaring test gas. The Empire team continues its hard work progressing towards a final investment decision for the pilot project, and is targeting the field installation of the RPGP, drilling of development wells and connection of the project to the McArthur River Pipeline in next year’s dry season, which would result in gas sales commencing in 2025.'


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