Empire Energy Group - Resumption of coverage with valuation...

Empire Energy Group - Resumption of coverage with valuation range of $0.62-$1.17
We resume coverage of Beetaloo sub-basin-focused junior oil and gas explorer and producer Empire Energy Group (ASX:EEG) with a 207% lift in our valuation to $608m or $0.98/share, (against a reference price of $0.32/share). Our increased valuation range ($0.62-$1.17) has been driven by the soon to be completed acquisition of the assets of the Pangaea-EMG joint venture which delivered a material uplift in EEG’s 2C/2U gas/liquids resource base
2C Contingent Resources now lie @ 199Bcf gas / 3.5mmbbls liquids. 2U (“best case") Prospective Resource rose to 42.1Tcf gas/791mmbbls liquids. The company’s 2021 drilling programme is now fully funded following the recent $30m institutional placement and $6m upgraded Shareholder Purchase Plan. EEG has several event drivers over the next 6-12 months which we view hold potential to generate a sizeable uplift in NAV.
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