EGO 0.00% 12.0¢ empire oil & gas nl

Urgent ASX intervention NOW, page-97

  1. 4,299 Posts.
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    I do not know what you are on about I did not say anything about money.
    They are in default of the $15 m loan the reason is for not keeping the assets in good stead which the announcement says is ongoing interruption to production.
    They may be able to pay their bills but cannot make the well flow.

    Mineral Resources Limited (ASX:MIN; MRL) advises that on 13 September 2017 it:
    1. issued a Notice of Default and Demand to a wholly owned subsidiary of Empire Oil & Gas NL (ASX: EGO) (Empire Subsidiary) notifying it of a default under the A$15 million loan facility agreement between MRL (as lender) the Empire Subsidiary (as borrower) and EGO (as guarantor) (Loan Facility) described in EGO’s ASX announcement dated 11 August 2016.
    2. appointed Mr Matthew James Donnelly and Mr Jason Mark Tracy of Deloitte jointly and severally as receivers and managers of certain assets of the Empire Subsidiary in accordance with the first ranking security granted to MRL by the Empire Subsidiary as security for the Loan Facility.
    MRL took the above steps in order to protect its interests following consideration of the ongoing interruption to production at the Red Gully-1 well owned by the Empire Subsidiary and consultation with the board of EGO.
    MRL and its recievers and managers will continue to work closely with the board and management of EGO, including its CEO, Mr. Angus Walker, to ensure the best possible outcome.
    Last edited by wabbit: 10/10/17
 
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