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ASX : EEG Quarterly Report For the period ending 30th June 2021 Highlights EMPIRE Energy Level 19 , 20 Bond Street Sydney NSW 2000 The second Quarter has been productive for Empire Energy Group Limited ( “ Empire ” or the " Company " ) . The Company continues to progress towards its objective to achieve commercial production and cash flows . Major highlights of the Quarter : For personal use on • • • • • Transformational acquisition of Pangaea and EMG NT , Beetaloo Sub - basin assets , nearly doubling Empire's NT acreage focused on the highly prospective Beetaloo Sub - basin Post - acquisition , Empire's best estimate Prospective Resources ( 2U ) will total ~ 47 Tcfe comprising 42 Tcf gas and 791 MMbbls liquids ( condensate and oil ) while 2C Contingent Resources will be 220 Bcfe comprising 199 BCF gas and 3.5 MMbbls of liquids The Board and management team of Empire has been strengthened with Mr Louis Rozman completing his first full Quarter as a Director and Mr Paul Fudge and Ms Jacqui Clarke ( his alternate ) will join the Board once the acquisition completes The Carpentaria - 1 well targeting the Velkerri shales was successfully fractured stimulated . Following completion , extended production testing produced pleasing results at a peak rate of > 1.6 mmcf / day , an average flow rate of 0.25 mmcf / day over a 17 - day test period during which the well was continuing to dewater , with a final rate of 0.25 mmcf / day After Quarter end , approvals were received for three grants totaling up to $ 21 million under the Beetaloo Cooperative Drilling Program - funds will be applied to up to three horizontal wells on EP187 Empire raised new equity capital of ~ $ 37.2 million ( gross ) at $ 0.30 per Empire share The Company ended the Quarter with $ 41.9 million in cash Other highlights : • • • • • The Carpentaria - 1 well was shut - in on 16th July 2021 to comply with COVID - 19 operating constraints - the technical team intends to recommence production testing when operating conditions allow Preparations for the drilling of Empire's first horizontal well in EP187 are well advanced Empire's US business executed US $ 120,000 in wind and solar project land leasing contracts over its New York State oil and gas leases with negotiations for further renewable energy project leasing opportunities developing Empire and Macquarie Bank executed amendments to the Credit Facility , removing two financial covenants : the interest coverage ratio and 1P PV10 ratio . Repayments to the Credit Facility totaled US $ 412,500 during the Quarter The General Meeting to consider the acquisition of the Pangaea and EMG NT assets will be held at 2.00pm ( AEST ) on Tuesday , 3rd August 2021 • Gas prices in the United States , Australia and Asia have surged to multi - year highs 1