Empire acquires EMG's Beetaloo portfolio
Sydney-listed Empire Energy on April 26 said it had acquired Houston-based EMG's portfolio in the Beetaloo basin in Northern Territory.
EMG will sell its 17.5% interest in EP167, EP168, EP169, EP198 and EP305 to Empire's subsidiary Imperial Oil & Gas for A$1.061mn ($0.82mn) cash, approximately 29.7mn Empire shares, and about 1.7mn options to acquire ordinary Empire shares at A$0.70/share. On completion of the deal, EMG will own approximately 5% of the ordinary share capital of Empire.
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Following the acquisition of EMG’s interests in the tenements, Empire will own a 100% interest in all of its Beetaloo and McArthur basin properties.
This announcement comes days after Empire signed a binding agreement to acquire a majority stake in fellow Australian explorer Pangaea Group’s Beetaloo sub-basin portfolio.