Ann: Chair Address to the AGM, page-6

Ratbags coming out of the woodwork (must be at the tail end of negotiations)...

Read below for a laugh:

Media Release:
Empire Energy accused of misleading investors over Australia’s biggest gas fracking
29 May 2025

Thursday 29 May: Market Forces has filed a complaint to the Australian Securities and Investment Commission (ASIC) alleging gas fracking company Empire Energy engaged in potentially misleading and deceptive conduct in a recent capital raise presentation for investors.

The challenge coincides with growing concern from Traditional Owners and farmers about Empire Energy’s fracking activities due to impacts on water, the environment and health.

The complaint outlines that Empire Energy relied on outdated modelling to justify a claim that global liquefied natural gas (LNG) demand will outstrip supply in the near future.

Yet an update to that modelling, which was available at the time, projects significantly less favourable market dynamics. Retail shareholders should be able to assume that Empire Energy’s capital raise presentation includes the latest information available when forecasting demand for key markets.

Morgan Pickett, Policy Analyst at Market Forces:“Empire Energy has potentially misled investors by using outdated LNG forecasts to justify its Beetaloo fracking plans, raising serious concerns about misleading and deceptive conduct.”
“Empire’s Beetaloo fracking plans pose serious health and environmental risks and they’re completely incompatible with goals to avoid further devastating climate change impacts.“Macquarie must end its backing for fracking Beetaloo. By financing Empire Energy and holding such a big investment stake in the company, Macquarie is saying ‘to hell with our climate commitments – drill baby drill.’

Empire Energy is one of three companies blasting ahead with Australia’s biggest ever gas fracking development in the Northern Territory’s Beetaloo Basin backed by Macquarie Bank. Macquarie is breaching its climate commitments by being a major funder and shareholder of Empire Energy despite Beetaloo being incompatible with limiting global warming to 1.5°C and achieving net zero emissions by 2050.

First Nations Traditional Owners and pastoralists are voicing serious concerns at Empire Energy’s annual general meeting (AGM) being held in Sydney today. Shareholders will vote on issuing 50 million share options to Macquarie Bank, increasing the financial institution’s direct interest in Empire’s dangerous Beetaloo fracking operations, which involve plans to frack gas until at least 2070.

Macquarie already holds 66 million shares in Empire, which is also voting on changing its name to Beetaloo Energy Australia Limited.Territory pastoralist Carina James, whose property is located in an area Empire is proposing to frack and who is asking a question at the AGM to address Empire Energy Directors said: “For cattle producers like me, water is everything and Empire Energy has not been able to answer my questions in regard to their proposed activities and the water supplies our animals currently access.”
“Water isn’t something you gamble with, and Empire’s fracking plans put our aquifers and our livelihoods at risk. Risking any water supply is unacceptable, and shareholders like Macquarie should walk away before damage is done.”

For media inquiries and interviews contact:Antony Balmain, +61-423-253-477, [email protected]