Smallfish you appear to have drunk a little bit too much...

Smallfish you appear to have drunk a little bit too much RiddleAid…

Facts:

1. Empire’s acreage isn’t ‘less than half the depth of a normally prospective well’. 10,000s of Marcellus wells and every single well in the Fayetteville were shallower. Many of these produced at over 10mmcf per day and a total of over 10BCF. The well costs are relevant. Empire is drilling verticals for ~$11m. TBN’s first unfracked Maverick vertical was over $50m. Empire drilling fracked horizontals for $25m and has announced $15m - $20m for development wells. Little known about TBN’s actual costs but budget for Amungee wells was >$40m.

2. Empire has transportation MOU’s with both PWC for the existing pipeline and APA for new pipelines north and east.

3. Empire’s prospective acreage in EP187 is >100,000 acres. In the US this would be considered a huge contiguous position, with hundreds of drilling locations in each of the 4 pay zones. They also have >1 million prospective acres in the Western Beetaloo areas, all operated and owned 100% with no JV partners to free carry through development.

4. All Beetaloo players can make their shareholders money. It doesn’t need to be a case of winners and losers.

why not sprint and play poker at the same time?

See you at the table