Empire Energy Group Ltd Stock Market Press Releases and Company Profile
Beetaloo Acquisition Update
Beetaloo Acquisition Update

Sydney, May 27, 2021 AEST (ABN Newswire) - Empire Energy Group Limited (googlechartASX:EEG) (googlechartEEGUF:OTCMKTS) is pleased to announce that EMG Northern Territory Holdings Pty Limited ("EMG NT"), Imperial Oil & Gas A Pty Limited ("Imperial A"), a wholly owned subsidiary of Empire, and Pangaea (NT) Pty Limited ("Pangaea") have entered into an amended Share Purchase Agreement ("Amended SPA") which gives legal effect to the EMG NT tag-along notice announced on 26 April 2021.

The Amended SPA replaces the Share Purchase Agreement between Imperial A and Pangaea announced to shareholders on 14 April 2021.

Subject to Completion detailed below, Empire will own a 100% interest in EP167, EP168, EP169, EP198 and EP305 (collectively, "the Tenements"), located in the Beetaloo Sub-basin, onshore Northern Territory.

Total consideration for the acquisition, as previously disclosed to Empire shareholders, will be:

- $6.061 million in cash (to be funded from existing cash at bank);

- 169,696,970 ordinary Empire shares, of which 66,666,667 will be escrowed for 12 months from the date of issue and 88,348,485 will be escrowed for 24 months from the date of issue; and

- 9,696,970 options to acquire ordinary Empire shares at $0.70 per share which will expire in 3 years after their issue date.

Completion

Completion of the acquisition is subject to market standard conditions precedent including Empire shareholder approval and Northern Territory Government approval.

An Independent Expert's Report, which will form part of the Notice of Meeting, is being prepared. Once complete, an Extraordinary General Meeting of Empire shareholders will be convened.

Empire has commenced the Northern Territory Government approval process for transfer of the Tenements to Imperial A.


About Empire Energy Group Ltd

Empire Energy (ASX:EEG) (OTCMKTS:EEGUF) is a Sydney based Australian oil and gas company holding 100%-owned and operated assets with unconventional targets in the Northern Territory Beetaloo Sub-basin and central trough of the McArthur Basin.

Empire is an active Beetaloo Sub-basin operator, focused on maturing its assets to production. Following the successful appraisal drilling and flow testing of the Carpentaria-2H and 3H wells in Empire's EP187, Empire is targeting first gas flow in H1 2025 at its Carpentaria Pilot Project. The Pilot has a targeted sales gas rate of up to 25 TJ per day utilising the existing McArthur River Pipeline.

abnnewswire.com 


Contact

Empire Energy Group Ltd
E: info@empiregp.net
T: +61-2-9251-1846
F: +61-2-9251-0244
WWW: www.empireenergygroup.net



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