On and upward Ye-ha

Secured- Immediate 8TJ gas supply and with back-up well now shut in (Gin Gin)
Secured -Cash flow-plant reliability and gas processing 8TJ 360bbls/day 95% uptime.
Secured- Plant ongoing viability confirmed via financial revaluation of plant by $4m
The additional $1m facility has not been drawn down at the date of the report.

IMMEDIATE INCOME POTENTIAL-Extra income from LPG’s and BUTANE,which EGO are NOT getting paid for,going free in the gas.But not for long is my guess.

By my Calcs 30days x360bbls x 90% uptime = 9720bblks x $120( March qtr realised price) = $1166.4k X 76.39% = $891,012 July
X 3 MONTHS =$2.67M EGO income. likely

Taken from the below quotes
1/During the month of July, the plant has been operating at ~95% runtime with an average daily rate of 8.0 TJ per day of gas sales and 360 barrels of condensate sales. Condensate has also been produced at an average rate of approximately 52 barrels per one million cubic feet of gas (approximately 45 barrels per TJ per day or 360 barrels per day).
2/The Gingin West-1 well has been shut-in and is ready for production at a later stage if required as a backup. 3/Unplanned downtime in the month of July has been 35 hours with overall plant runtime at approximately ~95%.
3/ Empire management has also become aware that there are significant LPG’s (Propane and Butane) remaining in the gas stream or lost through the system because of the original plant design. However, no commercial terms appear to be in place and as such the value of this LPG is not being realised by the joint venture. Empire have engaged an experienced consultant to perform a feasibility study to determine if it is economically viable to construct an LPG stripping plant at the facility to remove the LPG’s from the gas stream for sale to customers, thereby creating a valuable third revenue stream. Alternatively Empire could seek to gain value for the LPG’s left in the gas.
4/Review has identified a number of possible improvements which are likely to cost approximately $2.1 million (Empire share 76.39%) to implement. Empire will then be able to achieve the performance standards expected of a modern plant. A review of significant financial models has led to both improvements and the identification of previous errors, particularly the 2013 impairment models which incorrectly led to the $4.01 million impairment on the Red Gully project. This impairment was reversed and the 2013 accounts restated in the Half Year Accounts ended 31 December 2013.

DYOR + DYODD