The Australian Government has approved up to $21 million in grant funding to Empire Energy for the Beetaloo cooperative drilling program in the Northern Territory.
The program was implemented to encourage explorers to accelerate their work programs with a view to accelerating initial commercials production from the Beetaloo Basin, increasing gas supply for Australian households and businesses.
The grant funding received by Empire will offset 25 per cent of eligible expenditure which may include additional seismic acquisition, the drilling of three horizontal wells in 2021 and 2022, the fractured stimulation and completion of those wells, and the flow testing of them.
Path Investments plc (LON:PATH) is an energy investment company, and is focused on making investments in the energy sector on a global basis. The company seeks to create value for its shareholders through acquisitions, joint ventures or direct interests in energy businesses or associated projects.