Settlement of Legal Proceedings
Perth Basin domestic gas producer, Empire Oil & Gas NL (Empire, ASX: EGO) announces that it has agreed to settle its claim with some of the former directors of Empire in relation to its claim that they used Empire funds, on the advice of their lawyers, to pursue defamation proceedings against certain Empire shareholders.
Empire has settled the matter on commercial terms on the basis that, having regard to likely future costs in pursuing the claims to trial and the enforcement process afterwards, it is in the interest of Empire shareholders as a whole to resolve this legacy issue and focus management time and company funds on developing its exciting portfolio of assets. As part of this settlement, the parties have agreed that there will be no future claims between Empire and the former directors.
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