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Empire Energy Group Ltd
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2024 NAPE Conference Houston Presentation
| Alex Underwood | Page 2 of 11 |
April 28, 2024
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"2024 NAPE Conference Houston Presentation"
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The Empire Energy Value Proposition 1 Global Scale Gas Resource ? 42 TCF 2U Prospective Resource* ? ~1.6 TCF 2C Contingent Resource* based on limited well control (significant upside with further drilling) ? Sub 1% CO2 in reservoir ? >1 million acres in two contiguous acreage positions ? Connected to existing pipeline infrastructure with additional pipelines by APA Group to Australian East Coast and Darwin planned ? World class shale characteristics Commercialisation Strategy Phase 1 ? Up to 25 TJ/d (24 mmcf/d) ? Targeting first revenue in 2025, ramping up to ~A$110m per annum at plateau 1 ? Mature resource definition and type curves for larger scale development Phase 2 ? ~200TJ/d (~190 mmcf/d) to supply Australian east coast ? P50 IRR: ~37%, P50 NPV(10): A$2.5bn 2 Phase 3 ? ~1 BCF per day to supply LNG export markets ? P50 IRR: ~52%, P50 NPV(10): A$14.2bn 3 ? Empire estimates a landed cost of LNG into Tokyo Bay of US$6.50 / MMBtu 4 * As independently assessed by Netherland, Sewell & Associates, Inc Key assumptions: 1. Phase 1 ? Gas price: A$12/GJ ? Production: 25 TJ /d 2. Phase 2 ? Gas price: A$12 / GJ (indexed at CPI) ? 1,353 PJ (1.2 TCF) produced over 40-year economic life ? Type curves as provided by Subsurface Dynamics Inc ? Drilling / fracture stimulation (per well): A$32m ? Cost learning curve: 5% per drilling campaign and 5% per stimulation campaign ? Opex includes midstream infrastructure tariffs, NT Government and other royalties, carbon offsetting costs 3. Phase 3 ? As per Phase 2 with the exception of cost learning curve: 7.5% per drilling campaign and 10% per stimulation campaign representing expected economics of scale benefits ? 6,700 PJ (5.7 TCF) of gas produced over 42-year economic life 4. Landed LNG Cost to Japan ? Total upstream cost (including gas processing tariffs): ~US$4.00 MMBtu