Imperial?s Executive Chairman, Mr Bruce McLeod, said: ?Empire Energy has been fortunate to acquire these oil producing assets at a very attractive 1P reserve multiple of just over $15.50/Boe. Oil producing assets in the USA are selling for up to $25.00/Bbl for 1P reserves. The Company has also made this acquisition in a market where the oil price is demonstrating strong price growth, having reached a 26 month high within the last few days. This price trend is expected to continue as both the USA and Europe slowly sort out economic issues and get their economies back onto a growth path".
And if you read the IMP ann, they are chuffed because the deal was enacted within a date that would allow significant tax gains...... hence the rush....lol
AMU Price at posting:
24.0¢ Sentiment: None Disclosure: Held
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