How is this not anything but AWESOME Empire to acquire an operated 82.5% interest in five tenements across the Beetaloo Sub-basin onshore Northern Territory • Empire’s best estimate Prospective Resources have more than doubled to ~41 TCFe comprising 37 TCF gas and 657 MMbbls liquids (condensate and oil) • Empire’s 2C Contingent Resources have increased by more than 350% comprising 171 BCF gas and 2.9 MMbbls liquids • $5 million cash payable and 140 million Empire shares to be issued to Pangaea upon completion of the transaction. Pangaea will also be issued 8 million unlisted Empire options with an exercise price of $0.70 per share • Transaction materially enhances Empire’s early commercialisation plans for the Beetaloo and provides Empire with multiple drill-ready targets • The acquisition is subject to Empire shareholder and Northern Territory Government approvals. Completion is expected to occur in June 2021
EEG Price at posting:
35.5¢ Sentiment: Buy Disclosure: Held
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