Ann: Empire Oil Company(WA) Ltd enters voluntary administration, page-18

yeh, it all depends on what RG secured assets are worth.
MIN only has security over RG assets incl EP389 and PL 18 &19.
SO it does not have security over other permits held within EGO-WA.
as you guys point out, most of EGO's permits are held by EGO-WA.
So the Administrators of EGO-WA, appointed by EGO(not MIN) have control of Lockyer etc.
MIN has not got its hands on Lockyer etc. only RG.

but problem is EGO-WA is the Borrower, and has to repay debt.
so the Adminstrators will have to determine how to repay debt it owes to MIN.
it will sell RG secured assets.
any shortfall will come from sale of rest of EGO-WA assets (incl Lockyer etc), then any further shortfall from EGO itself (as guarantor).
If no assets left in EGO-WA then the Adminstrators of EGO-WA will have to put EGO-WA into liquidation.
it all depends on just what RG assets are worth.
I have no idea on that value.