Empire Energy (ASX:EEG) announced financial results for the half-year ended 30 June 2022.

In August 2022, Empire reported strong gas flow rates at Carpentaria-2H (C-2H) with minimal decline. Encouragingly, C-2H did not require any artificial lift such nitrogen, demonstrating strong reservoir drive.

In Februry 2022, Empire announced an update to its Beetaloo Sub-basin Contingent and Prospective Resources following our successful 2021 Beetaloo work program.

In February 2022, Empire's wholly owned subsidiary, Imperial Oil & Gas Pty Limited, executed replacement agreements with the Australian Government under the Beetaloo Cooperative Drilling Program for the provision of up to $19.4 million in grant funding which will offset 25% of the cost seismic acquisition and the drilling, fracture stimulation and flow testing of three horizontal appraisal wells in Empire's 100% owned EP187 tenement. During the half-year, Empire received progress payments totalling $5.4 million (ex-GST) in cash under the Program.

The balance sheet was strengthened over te financial half-year with a capital raising of $30.5 million (gross) in fresh equity investment at $0.22 per share. The raising involved a single tranche placement that raised $27.5 million (gross), a placement to Director that raised $520,000 and a Share Purchase Plan (SPP) that raised $2.5 million (gross).

Mr Robin Polson joined the Empire management team as Chief Financial Officer based in Sydney.

Over this half-year, the Empire management, technical and field teams have been focused on the hydraulic stimulation and flow test of C-2H our first horizontal appraisal well.

The Origin / Falcon Oil & Gas joint venture has stated that the objective of its current Stage 3 work programme commencing in 2022 is to support a multi-well pilot programme in 2023/24.

The Santos / Tamboran Resources joint venture has continued EPT activities at the Tanumbirini-2H and Tanumbirini-3H wells following the installation of production tubing and an extended period of "shut-in" of the wells.

Tamboran as Operator of EP136 recently acquired 85km of 2D seismic and experts to commence drilling the Maverick-1H well in September 2022.

Group Revenue $6.3 million (June 2021: $3.1 million).

Net production 4,472 Mcfe per day (2021: 4,521 Mcfe per day).

Outstanding debt US$5.6 million (Dec 2021: US$5.8 million).

Cash at bank $44.8 million (Dec 2021: $25.7 million).

Following the announcement the company?s share price fell 4.000%.