Empire Energy Group Limited (ASX:EEG) is an oil and gas producer/developer, with onshore Northern Territory (NT) and US oil/gas production assets. EEG has the largest tenement position in the highly prospective Greater McArthur Basin, which includes the Beetaloo Sub-basin. The investment case continues to build with a FID point on the Carpentaria Pilot Project tantalisingly close. FEED activity continues to progress, building on the game-changing acquisition of the Rosalind Park Gas Plant which should provide an immediate, low-capital and operating-cost processing option with nameplate capacity above the Stage I development model. We suggest a project sanction could be delivered Q1 CY24 subject to the requisite regulatory approvals. NT gas supply requires critical firming on Blacktip production issues and concerns with regard to east coast grid stability emerging through the summer period. Quite simply, more gas supply at scale is required for domestic requirements, growing Gladstone LNG ullage, and as a potential supply source for Darwin’s LNG export opportunities. A FID success case could see construction begin at Carpentaria through H2 CY24 with first gas in 2025. Success at any scale has beneficial look-through impacts for all Beetaloo ventures…‘a rising tide lifts all boats’. We see EEG as the low-cost, strongly-leveraged exposure in the play, with a significant early-mover advantage to deliver high-calorific/low-CO2 gas. EEG is, in our view, firmly on the development pathway.