Australia's Empire Energy rises on govt nod for gas production from Beetaloo sub-basin

Beetaloo Energy Australia

04/05/2023 02:08

** Shares of Australia's Empire Energy Group  EEG.AX  jump
as much as 13.9% to A$0.205, their highest since Feb 6
    ** Co says Northern Territory (NT) government approved gas
production in the Beetaloo sub-basin including co's Carpentaria
gas project
    ** NT govt said on Wednesday it was satisfied that risks
identified by an inquiry were sufficiently mitigated and
applications for onshore petroleum production could now be
considered
    ** Beetaloo's low CO2 gas will play an important role in
providing the NT, Australia and the Asian region energy security
for decades - EEG
    ** The gas producer says it will proceed to submitting
applications for approvals required to start liquefied natural
gas (LNG) production at Carpentaria
    ** EEG's gains outpace moves on broader energy sub-index
 .AXEJ , down 0.4%
    ** About 812,000 shares change hands, compared with 30-day
average volume of 345,000 shares
    ** So far this year, stock down 10% as of last close

    ($1 = 1.4663 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.Mishra@thomsonreuters.com))