Industry News

Material Increase in Carpenteria-2H IP30 Flow Rate

Highlights

• Carpentaria-2H (“C-2H”) has achieved a new average flow rate over 30 days (“IP30”) of 2.81 mmscf per day, equating to a normalized flow rate of over 3 mmscf per day per 1,000m of horizontal section. This represents an increase of approximately 17% over the initial IP30 rates announced in September 2022 despite partial reservoir depletion following the initial 51-day flow testing program. The current flow rate is 2.3 mmscf per day.

• This excellent result, achieved with a highly experimental and therefore unoptimized stimulation design, validates the soaking strategy that Empire has employed and will be incorporated into Empire’s development planning process which is well underway.

• North American reservoir engineering firm Subsurface Dynamics, Inc. (“SSD”) has analysed the flow testing performance of C-2H. SSD’s analysis indicates that development wells with 3km laterals in the C-2H area could generate total estimated ultimate recovery (“EUR”) of 6.2 BCF gas per well on a P50 basis and 8.1 BCF gas on a P10 basis. Most of this gas would be produced in the first 3 – 5 years, consistent with US shale basins, which would drive rapid recovery of invested capital.

• Based on Empire’s existing drilling and stimulation cost performance, the operations team estimates that development wells with 3km lateral sections and 60 fracture stimulation stages in the pilot phase can be drilled, fracture stimulated and completed for production for approximately $20 million per well (and likely below $15 million per well in larger scale development scenarios given the economies of scale that would be generated).

• This indicates that Empire could achieve upstream development costs of approximately A$2.00 to A$3.00 per mscf in future development scenarios. 

• Flow testing is ongoing, and Empire’s management, subsurface and operations teams are progressing the work required to take a proposal to the Board for a Final Investment Decision for the pilot project later this year (“Pilot FID”). 

• Current cash balance is $15.7 million with approximately $3.5 million remaining to be paid in relation to the 2022 drilling and stimulation programs. The $15 million credit facility is available but undrawn providing further liquidity. The final Beetaloo Cooperative Drilling Program progress payment of ~$7.6m is expected to be received soon. This leaves Empire well capitalized to carry out the preparatory work for the Pilot FID. 

To view full ASX Announcement, click here

Today, Australia is one step closer to achieving net zero by 2050, with confirmation the Albanese Government has secured additional Parliamentary support for the Safeguard Mechanism reforms.

These landmark reforms will reduce 205 million tonnes of greenhouse gas emissions to 2030 – equivalent to taking two-thirds of the nation’s cars off the road over the same period.

These are overdue, sensible reforms which ensure Australia’s largest emitters are competitive in a decarbonising global economy and make a fair contribution towards the nation’s emissions reductions task.

They complement the over $24 billion investment the Albanese Labor Government is already making in cleaner, cheaper energy, and emissions reduction.

The Safeguard Mechanism was put in place by the previous Coalition Government. It requires facilities that produce over 100,000 tonnes of greenhouse gases annually (around 215 facilities) to keep their net emissions below a baseline (or ceiling). However, under the former Government’s settings, scheme emissions actually increased by four per cent.

Extensive industry and public consultation and constructive discussions with the Australian Greens and crossbench have delivered a strengthened design that bolsters the scheme for the economy and the climate.

The changes to the scheme are in keeping with the policy’s intent – ensuring that both flexibility and support are provided for industry to remain competitive, and that the scheme delivers accountability, transparency and integrity.

Minister for Climate Change and Energy, Chris Bowen, said the finalisation of the Safeguard Mechanism Bill was a key milestone in achieving Australia’s 43% emissions reduction target by 2030.

“Today, we are a step closer to achieving net zero by 2050,” Minister Bowen said.

“We thank those across the Parliament who continue to approach this legislation in a constructive way to ensure accountability, transparency and integrity for the scheme, and ensure flexibility and support for industry. We will continue to work with people of good faith across the Parliament to secure passage.

“These reforms are the culmination of months of extensive feedback from Safeguard businesses, industry associations, climate and community groups, academics and private individuals.

“Business and climate groups have been clear that the Parliament should pass the strengthened legislation in front of it and deliver overdue policy certainty – but Peter Dutton would prefer to drag Australia backwards and continue the climate wars.

“These reforms are crucial to our climate and our economy – supporting Australian industry and ensuring they will continue to be competitive in a decarbonising world.”

These changes build on previously confirmed design features of the Safeguard Mechanism – including the creation of Safeguard Mechanism Credits which will enable large industrial facilities to earn credits when they reduce their emissions below their baselines.

The Government will finalise detailed Safeguard Rules next month. The updated Safeguard Mechanism scheme will be in operation as of 1 July 2023.

ENDS

Attachment 1 - Key improvements to the reforms
 
Providing flexibility and additional support for industry

1.       Targeted funding: At least $1 billion in funding for the manufacturing sector and trade-exposed industries through the Powering the Regions Fund, including:
a.       A targeted $400m for industries providing critical inputs to clean energy industries (incl. steel, cement/lime, aluminium/alumina), in addition to both the $600m Safeguard Transformation Stream, and other funding pools (NRF, CEFC, ARENA)
b.      This funding will be focussed on decarbonisation, rather than expansion of fossil fuels

2.       Specific treatment for hard-to-abate, value-added manufacturing including:
a.       Inclusion of a different threshold for manufacturers to qualify for a discount on their decline rate, which reflects the particular characteristics of this sector as a value-adding industry.
b.      Reduce the minimum annual baseline decline rate for manufacturers that meet the new threshold to 1 per cent.

3.       Address risks of carbon leakage
a.       The Government will commission a review to examine the feasibility of an Australian carbon border adjustment mechanism (CBAM). The review will give particular consideration to a CBAM for the steel and cement sectors (including clinker and lime production).
 
Ensuring accountability, transparency, and integrity
1.       Accountability – making sure that the policy intent – driving down emissions over time, is met through:
a.       Ensuring the scheme delivers a proportional share of the national 2030 target (205 million tonnes by 2030). Updates to the National Greenhouse and Energy Reporting Act 2007 (NGER Act) will clarify that:
i.      the policy intent is for aggregate emissions to go down over time –through measurement of a rolling average, and
ii.      to not exceed the conservatively estimated 1,233 million tonnes of CO2-e to 2030, or 100 million tonnes in 2030.

b.       New facilities will have their baseline set at international best practice, adapted for the Australian context
                                         i.      As proposed in the original design, new entrants will need to meet international best practice to ensure emissions decline over time, and manufacturers in particular are not disadvantaged from additional carbon constraints caused by new entrants.

-          New gas fields supplying existing liquefied natural gas facilities will be treated as new facilities so that they are given international best practice baselines for the carbon dioxide in their new fields. For these fields’ reservoir CO2 emissions, best practice is zero given the existence of low-CO2 fields and opportunities for carbon capture and storage.

-          Beetaloo - In relation to the Beetaloo basin, all new gas entrants in the basin will be required to have net zero scope 1 emissions from entry, consistent with the then-Commonwealth Government’s April 2022 commitment to “work with the [Northern] Territory to support its implementation of recommendation 9.8 of the [Hydraulic Fracturing Inquiry] using available technology and policies”.

c.       The Government is already obligated to report on progress against climate reforms, however we will strengthen transparency and accountability by ensuring the following in full:
i.      As part of the Annual Climate Change Statement, the Climate Change Authority (CCA) must report on progress against emissions reduction goals, with specific reference to new entrants and expansions in the preceding and following year.
ii.      In response to the Samuel Review, the Government has committed to “require reporting of Scope 1 and 2 emissions and related management actions over the life of the project”. EPBC approvals of new projects that are expected to enter the Safeguard Mechanism will cause an assessment by the Government of that project’s reported emissions against the Objects above.
iii.      The Minister would need to act where the Secretary of the Department, based upon emissions information including from the Clean Energy Regulator and EPBC approvals, considers changes to the Rules may be needed to meet the Objects.

2. If any of these tests find that Safeguard emissions have or will breach the Objects, and that this is not due to temporary factors, the Bill will require the Minister to consult and amend the Rules, or take other policy actions to ensure the Objects are met.

3.       Transparency – ensuring information relevant to the scheme is made available to the Minister and the public
a.       While no limits will be placed on ACCU use to ensure flexibility for industry, where companies are using over 30% offsets to meet their requirements, they’ll explain to the regulator their choice for doing that (e.g., cost, technology availability etc.)
b.       Improve methane reporting
i.      Require methane and nitrous oxide emissions to be publicly reported
                                      ii.      Ask the CCA review to include a look at updating methane measurement, verification and reporting and implement any improvements by 1 July 2024 where practicable.

4.       Integrity – making sure emissions reduction under the scheme is real
a.       Chubb Review implementation - continue with implementation of the Chubb Review to ensure integrity in the carbon market. Consistent with recommendation 8, ensure that new HIR method projects can only be credited when they comply with the entirety of recommendation 8.

The Hon Chris Bowen MP

Minister for Climate Change and Energy

Tamboran Resources:  Successful completion of 25-stage stimulation program at Amungee 2H

Highlights

• Tamboran has successfully completed the 25-stage stimulation program at the Amungee 2H (A2H) well in the 38.75 per cent owned and operated EP 98 permit of the Beetaloo Basin.

• A total of 25 stages were successfully stimulated across a 1,020-metre horizontal section within the Mid-Velkerri “B Shale”. Approximately 2,125 pound per foot of proppant was placed along the completed horizontal section, an increase of ~55% compared to the Tanumbirini 2H (T2H) and 3H (T3H) wells in the Santos-operated EP 161 permit (Tamboran 25 per cent, non-operator).

• The proppant was placed using 5-½-inch casing and based on modern US shale design. This design has leveraged off the experience of the Company’s US technical team and incorporated learnings from the drilling and stimulation of the T2H and T3H wells. The modern design is expected to result in improved flow rates from the extended production test during 2023.

• The total expenditure for the A2H well to date is ~$32 million, including drilling and stimulation. This is within 5 per cent of budget estimate after additional scope to the well was undertaken by Tamboran post-acquisition.

• The flowback of stimulation fluid is planned to commence imminently and is expected to take several weeks before the well is shut-in for installation of production tubing.

• Tamboran expects to announce 30-day initial production (IP30) flow rates during the second quarter of 2023.

Tamboran Resources Limited Managing Director and CEO, Joel Riddle, said:

“The completion of the program at A2H is a significant milestone for Tamboran in the Beetaloo Basin, being the first well to be completed using the optimal 5-½-inch casing within the Mid-Velkerri ‘B Shale’. I commend the Tamboran team and our contractors for the safe and successful completion of the program, which was achieved in the middle of the Northern Territory’s wet season.

“The team delivered a significant increase in sand into the shale formation, when compared to the T2H and T3H wells in the non-operated EP 161 permit. We expect this will further demonstrate economic flow rates and commercial viability of the play.

“The A2H well will shortly begin to flow back stimulation fluid before being shut-in for installation of production tubing. This is expected to deliver optimal flow rates during the extended production testing, which will provide key data regarding decline curves and estimated ultimate recovery.”

Tamboran’s Chief Operating Officer, Faron Thibodeaux, said:

“I am extremely proud of our team being able to deliver a project of this magnitude, despite taking on operatorship of the well days before spudding and bringing forward the stimulation program by more than three months. Our team and contractors worked together seamlessly, including the technical team in the US and new employees following the acquisition, to complete this milestone.”

To view the full ASX announcement, click here

Animated videos combining the Aboriginal story of water with how water is managed by the Northern Territory Government were launched in Katherine today.

The videos, produced by Mystic Media as part of a collaboration between the Department of Environment, Parks and Water Security (DEPWS) and Yandamah Indigenous Corporation, tell the story of water and how this vital resource is managed in the Territory.

DEPWS Water Resources executive director, Amy Dysart, said the videos explain the Department’s role in managing water and how community members can have a say in the process.

“Water plays a vital role in supporting life, lifestyles and livelihoods,” Ms Dysart said.

“World Water Day is an opportunity to change how we tell the story of how the government manages water and we hope these videos help us achieve this aim.

“Our partners have reflected how important and vital water is for the social and economic future of the communities in the Territory.

“Today’s launch marks the culmination of an effort bringing together the illustrations of renowned Aboriginal Australian artists, with the voice of multi-talented artist Kamahi Djordon King, a Gurindji man born in Katherine.

“It tells the story of how water is managed in the Territory, and what rights local community members have to be involved in the process, and how to have a say.

“The visual and voiceover artists represent communities including Lajamanu, Willowra, Nyrippi and Yuendumu, Mount Allan (Yuelamu) and Alice Springs (Mparntwe).

“It was exciting to come together today in Katherine, to catch up with each other, see the final videos, and celebrate what can be achieved when we work together."

To view the English version of the video go to https://www.facebook.com/EnvironmentNT

To learn more about water management, visit: depws.nt.gov.au/water

ENDS. 

Source: NT Government newsroom

Department of Environment, Parks and Water Security

DEPWS Media Manager 0476844832

The Northern Territory’s four key industries have strong growth potential and could even help the Territory’s economy exceed a $40 billion dollar economy by 2030-31.

A new report by Deloitte Access Economics, commissioned by the Northern Territory Government, measures the current value of the maritime, agribusiness, minerals, and oil and gas industries.

It found these 4 industries contribute $7 billion in direct value, and support over 11,000 jobs in the Territory.

This contribution is equivalent to 26 per cent of the Territory’s Gross State Product and 8 per cent of total employment.

Importantly, there are sizable growth opportunities for the Territory’s maritime, agribusiness, minerals and oil and gas industries over the next decade.

The minerals industry will be boosted by production from the new Finniss Lithium Project.

The maritime industry is poised to benefit from broader economic growth and the demand for trade.

While the agribusiness industry will continue benefiting from general population growth in Australia and the demand for food.

There are 22 priority actions identified to maximise industry growth over the period of 2030-31, which include:

* Capitalising on the increases in demand for critical minerals by increasing exploration and production activities

* Extending the value chain to deliver economic growth and more jobs to the Territory by using local gas production to develop gas-based processing and manufacturing sector

* Establishing Darwin as a key maintenance hub for vessels operating in the Indo-Pacific region with purpose built berths

* Improving productivity for the cattle industry by adopting new technology and improving sustainable management practices for land assets.

The report also identifies pathways for government to help industry overcome barriers to growth which include skill shortages, access to land and water, lack of regional connectivity, market maturity, climate change and red tape.

Work is underway with industry to work together on suggested actions and pathways in order to maximise growth over the period to 2030-31.

The Territory Economic Reconstruction Commission set the task of achieving a $40 billion economy, and in its Final Report identified maritime, agribusiness, minerals and oil and gas industries having the greatest growth opportunities for the Territory.

Read the report here: https://industry.nt.gov.au/economic-valuation

Quotes attributable to Minister for Mining and Industry, Nicole Manison:

“Growing a $40 billion economy by 2030 requires reaching for bold new economic opportunities and overcoming long standing challenges facing the Northern Territory.

The Northern Territory has what it takes to be a thriving economy with world class mineral deposits, prospective gas reserves, a strong agriculture sector, emerging information technology capabilities and strategic advantages as a location for trade and defence.

The Territory Labor Government is committed to achieving a more diverse and sustainable economy, which will mean well-paying jobs and better outcomes for all Territorians.”

Quotes attributable to Deloitte Access Economics partner, and principal report author, John O’Mahony:

“Approximately half of the estimated growth in the NT economy could be contributed through sectoral spillovers—efficiency gains in the upstream and downstream industries dependent upon the maritime, agribusiness, minerals and oil and gas industries.

The Northern Territory  Government has an opportunity to deliver sustainable growth—and spread resulting social benefits more widely—by maximising the downstream manufacturing and services opportunities from growing maritime, agribusiness, minerals and oil and gas services.”

Quotes attributable to Gaurav Sareen, Lead Partner, NT Government and Public Sector:

“This report can facilitate discussions between industry and the NT Government to identify potential opportunities and options to overcome barriers to growth across a number of key sectors that are important to the Territory’s economy, and   support the government’s goal of a $40 billion economy by 2030.”

Source: NT Government newsroom

The Territory Labor Government has successfully delivered the Petroleum Royalty Act 2023, which benefits the entire Northern Territory and provides industry with consistency.

The new legislation provides the framework for the calculation, payment and administration of petroleum royalties, repealing and replacing the current arrangements.

It imposes royalty at a rate of 10% on the gross value of petroleum at the wellhead, including sales made on an exploration permit. The royalty rate is unchanged from the current petroleum royalty arrangements.

The royalty calculation is set out clearly in legislation, replacing the current regime that requires individual agreements for each petroleum field, to be negotiated between producers and the Minister.

As petroleum is not usually sold at the wellhead, a netback methodology is used to recognise the costs incurred after the wellhead to the point of sale.

A deduction cap limits the recognition of post well-head costs to 75% of the sales value  to ensure that the Territory always receives a return for removal of its resources.

All petroleum produced will be subject to the new legislation from its commencement. Existing producers will be transitioned into the new scheme under a process that provides appropriate notice and complies with the principles of natural justice and procedural fairness.

The new legislation also applies the administrative provisions of the Taxation Administration Act 2007 bringing the administration of petroleum royalties in line with other revenue lines in the Territory.

The Bill modernises the Territory’s petroleum royalty legislation and aligns with the recommendations of the Territory Economic Reconstruction Commission final report.

Quotes from Treasurer, Eva Lawler:

“The Petroleum Royalty Bill streamlines the regulatory framework for the industry and provides a robust investment environment to grow the Northern Territory’s economy.

A modern and contemporary royalty act ensures Territorians get the maximum benefit from the petroleum industry, which sees the returns stay in the Territory.

It will provide ongoing jobs for Territorians, opportunities for regional and remote areas and an increase in infrastructure right across the Territory.”

Source: NT Government newsroom

Partner news: Santos Energy Solutions' carbon neutral e-methane collaboration takes next step.

Santos, through its energy transition business Santos Energy Solutions, is progressing with its ambition to create a cleaner energy future by entering an agreement with Osaka Gas Australia (OGA) for Pre-Front End Engineering and Design (Pre-FEED) work on a demonstration scale project to produce carbon neutral e-methane from green hydrogen.

Santos Energy Solutions is focused on delivering decarbonisation projects and clean fuels.

Santos and OGA will commence Pre-FEED, which will include renewable power and carbon capture infrastructure studies, site selection for e-methane and green hydrogen plants, optimisation of e-methane production efficiency and processes, and further detailed assessment of costs, schedules, feasibility, and risks.

Santos Managing Director and CEO Kevin Gallagher said the company has a long-standing, positive relationship with OGA, and Santos is committed to delivering on its net-zero by 2040 target.

“I believe it is increasingly clear gas will play a leading role in the transition to a decarbonised future, and Santos is excited to be progressing a new business opportunity that seeks to leverage our assets and capabilities to deliver a cleaner energy that will help create a better world for everyone,” Mr Gallagher said.

“Decarbonising natural gas supports a long-term supply of reliable and affordable energy, as well as the production of cleaner fuels such as e-methane. The advantage of e-methane is that it overcomes the challenges associated with the transport and export of hydrogen by allowing the use of existing transport, liquefaction and end user infrastructure providing a scope 1 and 2 as well as a scope 3 carbon neutral outcome.”

OGA is an Australian company that owns upstream energy assets and is a wholly owned subsidiary of Osaka Gas Co. Ltd, a major natural gas, electricity, and energy service provider, which has about 10 million customers in Japan.

The demonstration project aims to produce e-methane from green hydrogen, which is generated through water electrolysis powered by renewable energy, and CO2, which instead of being emitted into the atmosphere, is captured at industrial sites or by Direct Air Capture technology.

Santos is studying the potential to use its existing extensive infrastructure position to generate, liquefy and export e-methane to Japan.

Santos and OGA aim for FEED entry in 2024 and to be Final Investment Decision ready in 2026 to produce e-methane at a plant with a planned capacity of 10 TJ/day and export about 60,000 tonnes of e-methane annually by 2030.

Santos Energy Solutions is developing one of the world’s largest Carbon Capture and Storage projects in Moomba, South Australia, which is expected to store up to 1.7 million tonnes of CO2 each year with first injection on track for 2024.

Santos Energy Solutions is also planning to trial Direct Air Capture, a technology used to capture CO2 from the atmosphere, which could be used to expand the Moomba CCS project and provide feedstock for e-methane production at Moomba.

Source: Santos

To view full release, click here

Highlights

• A Helmerich & Payne (H&P), (NYSE: HP), FlexRig® has departed the United States and is now on its way to Australia’s Beetaloo Basin.

• Once operational in Australia, the rig is expected to be the country’s most powerful onshore drilling rig, capable of drilling more than 4,000-metre horizontal sections within the Mid-Velkerri “B Shale”. This is expected to support a material reduction in cost per unit of recoverable gas and minimize the environmental footprint.

• Tamboran has contracted the rig for a minimum of two years and will be used in Tamboran’s proposed 2023 Beetaloo Basin drilling program.

Tamboran Resources Limited (ASX: TBN) Managing Director and CEO, Joel Riddle, said:

“We are extremely excited to see an H&P FlexRig® super-spec rig on its way to the Beetaloo Basin. H&P have done an excellent job in meeting the timelines that will see the super-spec rig commence drilling in the basin during the second half of calendar year 2023.

“The dedicated use of this rig in the Beetaloo will transform our drilling operations, enabling us to achieve significant cost savings, particularly in drilling efficiency and mobilisation. Importantly, from an environmental perspective, the ability to drill increased lateral lengths will result in a smaller number of well pads, reducing our environmental footprint in the area.

“This marks a major milestone for us as we continue to prioritise sustainable practices while maximising operational efficiencies.”

John Lindsay, H&P’s President and CEO commented,

“Our strategic alliance with Tamboran is going extremely well. This provides H&P with a great opportunity to utilise rigs from our existing U.S. FlexRig® fleet to international unconventional growth areas. In addition to the rig, we will bring H&P’s technology and operational capabilities, which combined with the Tamboran team’s extensive unconventional expertise accelerates unlocking the potential of the Beetaloo Basin.”

For photos and and the view the full media release, click here

Empire Energy Group: Beetaloo Operations Update - Solid Progress being made towards commercialisation 

• Carpentaria-3H (“C-3H”) has been flow tested for 27 days and is currently shut in for soaking (the practice of shutting in a well for a period following fracture stimulation to maximise long-term productivity). Gas production rate has ranged between 2.3 million standard cubic feet per day (“mmcf / day”) and 5.7 mmcf / day with an average of 2.6 mmcf / day. Flow rates are yet to be optimized by the shut-in and soaking. Empire believes that higher flow rates will be achieved when the well is reopened.

• Carpentaria-2H (“C-2H”) has been brought back online to test the benefit of soaking with excellent results. A sustained average gas flow rate of 3.24 mmcf / day over eight days (“IP8”) has been achieved over the 927-metre stimulated horizontal section, approximately 21% higher than the initial IP8 with a lower rate of decline.

• This is a normalised flow rate of 3.5 mmcf / day per 1,000 metres at C-2H, demonstrating that soaking has had a material beneficial impact on flow rates, consistent with productivity improvements seen in other wells in the Beetaloo Sub-basin and in US shale gas basins.

• Empire intends to continue flow testing C-2H to develop an early production type curve that will be incorporated into Empire’s ongoing Front-End Engineering and Design (“FEED”) process. Management is working towards pilot project Final Investment Decision (“FID”) this year (subject to financing, gas sales agreement, regulatory approvals and Board approval).

• Petrophysical interpretation of Carpentaria-4V (“C-4V”) data has confirmed that net pay in the Middle Velkerri B is 20% greater and ~150 metres deeper than at the C-2H / C-3H location. C-4V formation evaluation results are being incorporated into the updated independent resource assessment that is expected to be complete in the coming weeks.

• Current cash balance is $18.2 million with recent drilling and stimulation projects coming in well under budget. The $15 million credit facility is available but undrawn. Final Beetaloo Cooperative Drilling Program progress payment of ~$7.6m is expected to be received soon.

• An investor webinar including Q&A will be conducted today at 11am AEDT during which Managing Director Alex Underwood will provide an overview of these results and investors can ask questions. Dial in details can be found below.

Comments from Managing Director Alex Underwood:

"The Empire team is highly encouraged by the stabilised flow rates we have achieved at C-2H. At this stage, the rates appear to exceed thresholds that others in the Beetaloo have proposed as being commercial. Empire has high earnings leverage due to the reduced capital costs we enjoy at shallower depths than other parts of the Beetaloo and high net revenue interest (working interest adjusted for royalties) in our Beetaloo properties.

This result has significantly de-risked EP187 and propels us towards a final investment decision on our pilot project later this year. We are rapidly optimising how to drill, stimulate and complete the Middle Velkerri B shale, and expect further improvements as we drill future pilot wells that, along with C-2H and C-3H, will generate production revenue (subject to FEED, sales and transportation agreements, financing, regulatory approvals and FID).

Netherland, Sewell & Associates are due to upgrade our EP187 Contingent Resources including our recent C-4V results. We anticipate a material increase.

C-3H has remaining fluid that the Empire team wants to remove to see the full C-3H well result. We expect soaking to reduce water saturation and to increase gas pressure that will help to remove the remaining fluid, in addition to providing the other matrix gas benefits seen in C-2H.

The global gas market remains in serious structural deficit. New sources of responsibly sourced, low CO2 gas are urgently required to avoid more seasonal price spikes. The IEA recently forecast that LNG demand from the world's largest importer, China, is expected to increase by up to 35% this year as its economy reopens, but new sources of supply are not coming onstream quickly enough. The NT gas market is undersupplied due to production issues at legacy fields, so our short-term opportunity is to support the NT Government to ameliorate forecast gas shortfalls by bringing our pilot project online quickly.

These flow testing results reinforce our commercialisation strategy."

To view full ASX announcement, click here

Source: Empire Energy Group

The Northern Territory is set to enjoy a renewed focus on vocational training with Charles Darwin University (CDU) launching CDU TAFE, a dedicated TAFE area focusing on future growth and job opportunities in the Northern Territory.

The more focused and streamlined structure has taken over from CDU’s previous Vocational Education and Training (VET) model.

CDU TAFE will also aim to better meet the needs of those in regional and remote communities, through formalized from other local RTOs into its courses, and development of new direct pathways from its TAFE courses into CDU’s higher education degrees.

An expansion of course offerings on the cards as part of the establishment of CDU TAFE with three new courses, a Certificate IV in Cyber Management, Certificate III in Aviation (Remote Pilot) and a short course Webdev Client-Side Scripting being some of the new courses available to students in 2023.

CDU TAFE will continue to offer its existing suite of training courses, with no impact on current students, and expand its course offering to reflect the changing face of the Northern Territory’s skilled workforce needs.

Former Director VET Strategy and Growth at CDU Michael Hamilton has been appointed as the new Pro Vice-Chancellor and Chief Executive of CDU TAFE, with more than 20 years’ experience working in the vocational training sector behind him.

Quotes attributable to Minister for Business, Jobs and Training, Paul Kirby:

“CDU TAFE will allow Territory VET students, trainees and apprentices to focus their energy and learning onto specific trades, to ensure their time in the classroom best prepares them for their time on the site.

“The establishment of CDU TAFE will provide more opportunities for those wanting to further their training here, and will make the Territory a more attractive option to develop skills and to join a strong and robust workforce.”

Quotes attributable to CDU Vice-Chancellor, Professor Scott Bowman:

“The opportunities for vocational education have changed and have increased significantly so it’s critical that the University is set up to deliver and offer more opportunities to develop skills and training for all Territorians.

“Establishing CDU TAFE means that we can be more agile to pursue growth opportunities in a rapidly changing training environment.

“Michael is a wonderful leader and I know with him at the helm, CDU TAFE will thrive.

 “CDU is ready to fulfil its vision of being Australia’s most connected university and is best placed to develop the Territory’s vocational education and training system and ensure Territorians are able to obtain the necessary skills and knowledge to fill workforce gaps.”

Quotes attributable to CDU TAFE Pro Vice-Chancellor and Chief Executive, Michael Hamilton:

“It is no secret that workforce limitations have impacted the Territory’s growth and CDU TAFE will provide a boom for future training to help better meet the needs of industry, employers and regional and remote communities.

 “At CDU TAFE we look forward to developing more courses to make the most of the opportunities to build a highly-skilled workforce in the Territory.

The (update), attended a launch event today, unveiling a plaque to commemorate the establishment of CDU TAFE.”

Source: NT Government newsroom