Empire completes Pangaea, EMG deals
Sydney-listed Empire Energy has completed the acquisition of fellow Australian explorer Pangaea Group’s Beetaloo sub-basin portfolio in the Northern Territory, it said on August 16. It has also completed the acquisition of Houston-based EMG's assets in the Beetaloo.
The deals, announced in April, were “subject to the satisfaction of various conditions precedent which have now been satisfied”, it said.
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Empire paid in cash and scrips for the 82.5% interest in Pangaea’s five tenements across the Beetaloo. EMG sold its 17.5% interest in EP167, EP168, EP169, EP198 and EP305 to Empire's subsidiary Imperial Oil & Gas.
"The formal completion of the acquisition of the Pangaea/EMG Northern Territory assets represents a significant milestone in the history of our company,” Empire managing director Alex Underwood said.
“Global gas market dynamics appear increasingly favourable to producers of gas, particularly those supplying gas to Australia's east coast and LNG into Asia. The Beetaloo sub-basin with its low CO2 composition is well-positioned to meet this forecast demand and to support the development of a downstream manufacturing industry in Darwin,” Underwood added.