Empire Energy tweaks disclosures after Market Forces complaint to ASIC

Gas developers are fighting a new front from climate activists who are turning to sophisticated legal and regulatory diligence to stall or topple projects, even those with government backing.

Empire Energy's Carpentaria 2 site

Empire Energy has revised a document issued as part of its capital raising after an environmental group lodged a complaint with the corporate regulator, alleging the junior gas explorer misled investors with outdated forecasts about gas demand.

The ASX-listed company, which is pursuing development in the Northern Territory’s Beetaloo Basin, confirmed it updated its investor presentation in consultation with the Australian Securities & Investments Commission.

The scrutiny highlights the growing pressure on gas developers by environmental activists, who are turning to regulatory and legal channels to stall or challenge fossil fuel projects.

Empire raised $28m earlier this year to fund exploration and appraisal activities in the Beetaloo, one of Australia’s most contested energy developments.

Environmental group Market Forces alleged the company misled investors by referencing superseded modelling from the Australian Energy Market Operator, which forecast tightening gas supply. That modelling, while widely adopted, has since been updated showing a less acute shortfall.

Empire chief executive Alex Underwood confirmed the revision, which it believes to be the extent of its remedial obligation.

“Following a complaint from an environmental activist organisation to ASIC, Empire worked proactively with ASIC to amend one slide in the presentation with updated information,” said Mr Underwood.

“That slide clearly shows that Australia, Asia and the world need new gas supply. We consider the matter to be closed.”

Empire Energy chief executive Alex Underwood.

Market Forces’ policy analyst Morgan Pickett seized on the update as an admission of fault.

“Empire Energy has made an extraordinary admission that it used outdated industry forecasts overstating gas demand to sell the viability of its Beetaloo fracking plans to raise capital from investors,” said Mr Pickett.

“Let’s make no mistake — Empire Energy’s plans are aligned with dangerous levels of global warming and risk serious impacts for health and groundwater in the Northern Territory.”

Market Forces argues the incident raises broader concerns about corporate transparency in the fossil fuel sector, particularly as companies seek capital for long-term gas projects amid uncertain policy and market conditions.

Despite opposition from activist groups, the Beetaloo development enjoys firm backing from the Northern Territory government, which views it as a potential source of economic and energy security. That contrasts with other contentious projects, such as Santos’s Narrabri gas field in New South Wales, which has attracted only lukewarm support from the state Labor government.

Legal and regulatory pressure is targeting all aspects of Australia’s gas sector. High-profile projects such as Santos’s $5.4bn Barossa LNG development have faced delays and cost blowouts due to climate litigation.

Industry groups are now pushing for legal reforms to limit the scope of court challenges against approved fossil fuel projects, warning that frequent litigation risks delaying vital energy developments and undermining investor confidence.

Originally published as Empire Energy tweaks disclosures after Market Forces complaint to ASIC