The transaction with EMG NT will see Empire become the 100 per cent owner of all its Beetaloo and McArthur Basin assets.
EMG will sell its 17.5 per cent interest in EP167, EP168, EP169, EP198 and EP305 to Empire subsidiary Imperial Oil & Gas A Pty Limited for $1.061 million cash, approximately 29.7 million Empire shares, and approximately 1.7 million options to acquire ordinary Empire shares at $0.70 per share.
Empire is a Sydney-based oil and gas company currently focused on progressing its planned drilling of a multi-objective well in the Northern Territory’s Beetaloo Basin.
The company aims to achieve commercial production in the basin close to existing pipeline infrastructure.
Other tenements fully owned by Empire include EP180, EP181, EP182, EP183, EP184.
For more information visit the Empire website.