Empire Energy Group Limited (BTL) AI Stock Analysis

• Market Cap: AU$298.58M
• Dividend Yield: N/A
• Average Volume (3M): 1.88M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.48
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: AU
• Employees: 39
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): >-0.01
• Shares Outstanding: 1,244,082,900
• 10 Day Avg. Volume: 3,207,191
• 30 Day Avg. Volume: 1,879,413
• PEG Ratio: 0.49
• Price to Book (P/B): 1.54
• Price to Sales (P/S): 205.89
• P/FCF Ratio: -5.50
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.01
• Revenue Forecast (FY): AU$3.13M

• Rating: 49 Neutral
• Price Target: AU$0.24 ▼(-4.40% Downside)

The score is held back primarily by very weak financial performance (revenue collapse, ongoing losses, and persistent negative free cash flow). Technicals are moderately supportive with a constructive trend and neutral momentum, but valuation support is limited due to ongoing losses and no dividend information.

Positive Factors

Low and improving leverage

Low and improving leverage materially reduces solvency risk and preserves financial flexibility. Over a 2–6 month horizon this enables management to pursue exploration or farm‑out options, access capital on better terms, and sustain operations without immediate distress financing.

Focused on Australian onshore gas exploration

A clear, focused business model centered on onshore gas provides repeatable project workflows (acreage acquisition, G&G studies, drilling). Structurally stable domestic gas demand and concentrated expertise increase the odds of progressing viable prospects over the medium term.

Prior revenue and gross profit in 2022

Prior ability to produce revenue and gross profit demonstrates the company has executed to commercial stages before. This reduces execution uncertainty versus peers with no revenue history and suggests operational capability that can be reactivated if economics and funding align.

Negative Factors

Revenue collapse to zero in 2024

Recording zero revenue removes internal funding for exploration and development, forcing dependency on external capital. Over months this raises dilution and financing risk, constrains project timelines, and undermines the company’s ability to fund appraisal or bring assets to production.

Persistent negative cash flow

Chronic negative operating and free cash flow indicate ongoing cash burn and limited internal funding capacity. This structural cash deficit increases reliance on equity or debt, heightens refinancing and execution risk, and limits sustainable investment in exploration programs.

Ongoing losses and deteriorating margins

Consistent net losses and a shift to negative gross profit point to weak unit economics and poor margin sustainability. Over the medium term this erodes shareholder equity, restricts reinvestment capacity, and makes value creation unlikely without operational or portfolio changes.

Empire Energy Group Limited Business Overview & Revenue Model

Company Description

Beetaloo Energy Australia Limited, together its subsidiaries, engages in the production and sale of oil and natural gas in Australia. The company holds a 100% working interest in approximately 28 million acres of exploration tenements in the McArthur Basin and Beetaloo Sub-basin, onshore Northern Territory, Australia. The company was formerly known as Empire Energy Group Limited and changed its name to Beetaloo Energy Australia Limited and changed its name to in June 2025. Beetaloo Energy Australia Limited was incorporated in 1981 and is headquartered in Sydney, Australia.

How the Company Makes Money

Empire Energy Group Limited Financial Statement Overview

Summary

Balance sheet strength (low and improving leverage) is a key positive, but operating performance is very weak: revenue collapsed to zero in 2024, losses persist, and free cash flow is deeply negative with mostly negative operating cash flow—indicating continued cash burn and limited earnings quality.

Income Statement

Revenue has been highly volatile and ultimately collapsed to zero in 2024 (annual), with revenue growth falling to -100%. Profitability is weak across the period, with consistently negative operating profit and net losses every year; margins deteriorated sharply from 2022’s stronger gross profitability to negative gross profit in 2024. While 2022 showed comparatively better revenue scale and gross profit, the business has not converted that into sustainable earnings, keeping the overall income statement quality low.

Balance Sheet

Leverage is low and improving, with debt-to-equity declining from ~0.30 (2020) to ~0.02 (2024), and equity remaining sizable relative to total assets. This provides financial flexibility and reduces solvency risk. The key weakness is persistent negative returns on equity driven by ongoing net losses, meaning the balance sheet strength is not yet translating into shareholder value creation.

Cash Flow

Cash generation is inconsistent and generally weak: operating cash flow is negative in most years (2020, 2021, 2023, 2024) with only 2022 showing positive operating inflow. Free cash flow is deeply negative every year, including a significant outflow in 2024, suggesting heavy spending and/or insufficient operating inflows to fund the business internally. While free cash flow growth shows large swings (including an improvement in 2024), the absolute level remains meaningfully negative, indicating continued cash burn risk.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.02M	6.09M	13.72M	8.50M	6.46M
Gross Profit	-280.61K	193.04K	7.76M	3.50M	1.20M
EBITDA	-18.82M	-16.71M	-2.40M	-7.15M	-4.03M
Net Income	-21.32M	-22.08M	-6.00M	-11.05M	-7.68M
Balance Sheet
Total Assets	167.00M	171.50M	197.65M	158.82M	66.56M
Cash, Cash Equivalents and Short-Term Investments	25.44M	13.63M	21.88M	25.65M	14.15M
Total Debt	2.28M	9.75M	8.83M	8.86M	9.11M
Total Liabilities	30.56M	59.20M	64.04M	49.50M	36.33M
Stockholders Equity	136.44M	112.30M	133.61M	109.32M	30.24M
Cash Flow
Free Cash Flow	-38.27M	-9.63M	-32.49M	-25.36M	-15.77M
Operating Cash Flow	-11.26M	-2.47M	5.10M	-2.46M	-2.92M
Investing Cash Flow	-6.76M	-6.76M	-37.59M	-24.44M	-12.84M
Financing Cash Flow	29.81M	673.73K	28.38M	38.54M	15.79M

Empire Energy Group Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CUE	68 Neutral	AU$80.47M	12.78	10.27%	13.04%	10.44%	-55.67%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
COI	50 Neutral	AU$161.52M	-64.29	-4.74%	―	―	70.00%
BTL	49 Neutral	AU$298.58M	-12.25	-13.47%	―	―	―

Empire Energy Group Limited Corporate Events

Beetaloo Energy Seeks ASX Quotation for Additional Ordinary Shares

Beetaloo Energy Australia Limited has lodged an application with the ASX for the quotation of 6,250 new ordinary fully paid shares, to be issued on 28 January 2026. The relatively small share issuance arises from the exercise or conversion of existing options or other convertible securities, marginally increasing the company’s quoted capital base and reflecting routine capital management rather than a major strategic shift for shareholders or the broader market.

The most recent analyst rating on (AU:BTL) stock is a Hold with a A$0.25 price target. To see the full list of analyst forecasts on Empire Energy Group Limited stock, see the AU:BTL Stock Forecast page.

Macquarie Group Ceases to Be Substantial Holder in Beetaloo Energy Australia

Macquarie Group Limited and its controlled entities have lodged a notice that they have ceased to be substantial holders in Beetaloo Energy Australia Limited, indicating that their voting interest has fallen below the relevant disclosure threshold. The change in status, formalised in a Corporations Act Form 605 signed on 21 January 2026, underscores a withdrawal or significant reduction of Macquarie’s exposure to Beetaloo Energy, which may signal a shift in institutional investor support and could influence market perceptions of the company’s ownership structure and liquidity.

The most recent analyst rating on (AU:BTL) stock is a Hold with a A$0.25 price target. To see the full list of analyst forecasts on Empire Energy Group Limited stock, see the AU:BTL Stock Forecast page.

Beetaloo Energy’s Carpentaria-5H Well Delivers Strong Flow Test Ahead of 2026 Pilot Gas Sales

Beetaloo Energy has reported strong clean-up flow test results from its Carpentaria-5H shale gas well in the Beetaloo Basin, with a peak gas rate of 11.2 TJ/day, a 30-day average of 7.1 TJ/day and a low-decline exit rate of 6.3 TJ/day achieved through casing alone, without production tubing. The company’s revised, more conservative flowback strategy using restricted choke settings has significantly improved fracture conductivity compared with earlier Carpentaria wells, and early data indicate higher shale permeability and longer effective fracture lengths, which, alongside an independent estimate of 10 PJ of 2C gas resources per well in the area, point to stronger long-term productivity, improved project economics and support the planned start of pilot gas sales from the Carpentaria Gas Plant into the Northern Territory market in 2026.

The most recent analyst rating on (AU:BTL) stock is a Buy with a A$0.70 price target. To see the full list of analyst forecasts on Empire Energy Group Limited stock, see the AU:BTL Stock Forecast page.

Beetaloo Energy Australia Seeks ASX Quotation for 1.22 Million New Shares

Beetaloo Energy Australia Limited, listed on the ASX under the code BTL, is an Australian company with ordinary fully paid shares quoted on the exchange. Details about its specific industry, products, or services were not provided in the announcement.

The company has applied for quotation on the ASX of 1,224,988 additional ordinary fully paid shares, issued on 18 December 2025 following the exercise or conversion of options or other convertible securities. This issuance modestly increases Beetaloo Energy Australia’s quoted share capital, potentially improving liquidity in its stock and reflecting the uptake of previously granted equity instruments by investors or holders of convertible securities.

The most recent analyst rating on (AU:BTL) stock is a Buy with a A$0.70 price target. To see the full list of analyst forecasts on Empire Energy Group Limited stock, see the AU:BTL Stock Forecast page.

Beetaloo Energy Advances Carpentaria Pilot Project with FID Approval

Beetaloo Energy has reached a Final Investment Decision (FID) for its Carpentaria Pilot Project, marking a significant milestone for the company. This decision follows agreements with the Northern Land Council, receipt of environmental approvals, and a Gas Sales Agreement with the NT Government. The project is expected to enhance energy security and economic prosperity in the Northern Territory and beyond, with gas sales commencing in 2026.

The most recent analyst rating on (AU:BTL) stock is a Buy with a A$0.70 price target. To see the full list of analyst forecasts on Empire Energy Group Limited stock, see the AU:BTL Stock Forecast page.

Beetaloo Energy Gains Approval for EP187 Gas Sales and Plant Construction

Beetaloo Energy has received final approval from the Northern Territory Government to proceed with pilot production and gas sales from EP187, marking a significant milestone as the first such approval on Aboriginal Freehold land. This approval allows the company to commence gas sales under a 10-year agreement with the NT Government and proceed with the construction of the Carpentaria Gas Plant, which will enhance energy security in the region by supplying gas to the local market. The development is expected to generate jobs and provide affordable energy, contributing to a gas-led economic recovery for the Northern Territory.

The most recent analyst rating on (AU:BTL) stock is a Buy with a A$0.70 price target. To see the full list of analyst forecasts on Empire Energy Group Limited stock, see the AU:BTL Stock Forecast page.

Beetaloo Energy Australia Limited Announces New Securities Quotation

Beetaloo Energy Australia Limited has announced a new application for the quotation of securities on the Australian Securities Exchange (ASX). The company will be quoting 277,339 fully paid ordinary securities under the ASX code BTL, with an issue date set for December 9, 2025. This move is part of the company’s strategy to enhance its market presence and potentially attract more investors, thereby impacting its operational and financial positioning positively.

The most recent analyst rating on (AU:BTL) stock is a Buy with a A$0.70 price target. To see the full list of analyst forecasts on Empire Energy Group Limited stock, see the AU:BTL Stock Forecast page.

Beetaloo Energy Secures Federal Approval for Appraisal Gas Sale

Beetaloo Energy has received Federal Ministerial approval for the sale of appraisal gas from EP187, following consent from the Traditional Owners and the Northern Land Council. This approval is a critical step towards obtaining final NT Government approval, enabling Beetaloo Energy to continue appraisal drilling and gas sales, which will supply the local NT market and generate royalties for the region.

The most recent analyst rating on (AU:BTL) stock is a Buy with a A$0.70 price target. To see the full list of analyst forecasts on Empire Energy Group Limited stock, see the AU:BTL Stock Forecast page.

Beetaloo Energy Announces New Joint Company Secretaries

Beetaloo Energy Australia Limited announced a change in its company secretary position, with Ms. Gillian Nairn resigning and being replaced by Ms. Sally Greenwood and Ms. Sally McDow as joint company secretaries. This change is significant as both new secretaries bring extensive experience and qualifications, which may enhance the company’s governance and communication with the ASX, potentially impacting its operational efficiency and stakeholder relations.

The most recent analyst rating on (AU:BTL) stock is a Buy with a A$0.70 price target. To see the full list of analyst forecasts on Empire Energy Group Limited stock, see the AU:BTL Stock Forecast page.

Beetaloo Energy Announces New ASX Quotation of Securities

Beetaloo Energy Australia Limited has announced a new issuance of securities, with 62,218 ordinary fully paid shares to be quoted on the Australian Securities Exchange (ASX) under the code BTL. This move is part of the company’s strategic efforts to enhance its market presence and potentially increase its capital base, which could have implications for its operational capabilities and stakeholder interests.

The most recent analyst rating on (AU:BTL) stock is a Buy with a A$0.70 price target. To see the full list of analyst forecasts on Empire Energy Group Limited stock, see the AU:BTL Stock Forecast page.

Beetaloo Energy Commences Carpentaria-5H Flow Testing

Beetaloo Energy has announced the arrival and setup of flow testing equipment at its Carpentaria-5H well site, with operations set to commence soon. The IP30 flow test, crucial for future well design and pilot production, was delayed due to third-party equipment availability and is expected to yield results by December 2025, impacting the company’s operational timeline and stakeholder expectations.

The most recent analyst rating on (AU:BTL) stock is a Buy with a A$0.70 price target. To see the full list of analyst forecasts on Empire Energy Group Limited stock, see the AU:BTL Stock Forecast page.