Perth, June 24, 2008 AEST (ABN Newswire) - Please find the Notice that is to be sent to all Shareholders providing advice that the current Empire Oil and Gas NL (ASX:EGO)(PINK:EOLGF), Share Purchase Plan will close on 4 July 2008.
Dear Shareholder
Although many Shareholders have to date participated in the Company's Share Purchase Plan announced on 4 June, it is appropriate to remind all Shareholders that this Share Purchase Plan closes on 4 July 2008. Following the closure of this Offer, the first of the two 'back to back' Carnarvon Basin petroleum exploration wells will be drilling, commencing with Star Finch-1, and followed by Lake MacLeod-1.
The Star Finch Prospect covers a large area of 3,000 hectares with potential recoverable reserves estimated to be of the order of 50 billion cubic feet of gas or 25 million barrels of oil assuming a 5 metre oil leg. The Star Finch Prospect demonstrates bright seismic anomalies over the mapped closure. Bright seismic anomalies have been a successful indication in many cases for natural gas entrapment in the Carnarvon Basin.
The large Lake MacLeod Prospect covers an area of 27,500 hectares (70,000 acres). Estimated potential recoverable reserves for the larger Lake Macleod Prospect, if the structure is filled to its maximum spill point, are in the order of 150 million barrels. Potential recoverable oil reserves within the Lake MacLeod structure are more conservatively calculated using a 5,000 hectare closure at the Top Nannyarra Sandstone, where potential recoverable oil reserves are in the order of 30 million barrels.
The Company together with its joint venture partners and farminees will drill these two exciting wells during July and August, with further wells planned to follow in the Carnarvon Basin, Western Australia.
This notice is to remind all those Shareholders who have not yet taken up this discounted share offer that this Share Purchase Plan will close on 4th July 2008.
Please refer to the Share Purchase Plan document forwarded to all eligible shareholders on 4 June 2008 which includes details of the Company's planned exploration, drilling and testing programmes together with The Application Form for Shareholders to participate.
Yours sincerely,
Mr JL Craig Marshall
Contact
Mr JL Craig Marshall
BSc(Hons), F.Aus. IMM, CPGeo
Managing Director
EMPIRE OIL AND GAS NL
Email: cmarshall@empireoil.com.au
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