Empire Energy Group Limited (ASX:EEG) is an oil and gas producer/developer, with onshore Northern Territory (NT) gas exploration and development assets. EEG has the largest tenement position in the highly prospective Greater McArthur Basin, which includes the Beetaloo Sub-basin. Following the recent announcement of the divestment of its US assets for up to $9.1m, EEG has successfully completed a further capital raising through a placement of shares and sale of royalty interests to generate some $46.8m. Although the company has yet to deliver a formal final investment decision (FID) for its proposed Carpentaria Pilot Project, we interpret the recent raisings as effectively being the equity component of the project financing, enabling the in-ground works underpinning first gas in 1H’25. The company has indicated it is hopeful of receiving all requisite regulatory approvals and finalising gas sales and financing over the next few months – the end game remains tantalisingly close. Test results from other operators support a growing confidence in the Beetaloo commercial case and gas production at any scale has beneficial look-through impacts for all Beetaloo ventures…‘a rising tide lifts all boats’. 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. We continue to view EEG as the low-cost, strongly-leveraged exposure in the play, with a significant early-mover advantage. The company looks covered from an equity capital perspective to first gas, pending regulatory approvals and debt financing.