Empire Energy Group Limited (AU:EEG) has released an update.
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Empire Energy Group Limited has successfully completed the drilling of the Carpentaria-5H well, targeting the Velkerri-B shale formation, achieving a total depth of 5,310 metres. The company has also secured a new credit facility with Macquarie Bank, boosting its financial flexibility with an additional $28.8 million available for future operations. These developments mark a significant step towards maximizing gas production and optimizing future drilling costs in the Beetaloo Basin.
For further insights into AU:EEG stock, check out TipRanks’ Stock Analysis page.
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