Empire Announces Changes to Board of Directors
Sydney, Nov 17, 2023 AEST (ABN Newswire) - Empire Energy Group Limited (
ASX:EEG) (EEGUF:OTCMKTS) announces that Mr Paul Fudge and Ms Jacqui Clarke have retired as a Non-Executive Director and alternate Director of the Company.
Mr Fudge is Empire's largest shareholder and the founder of Pangaea Resources ("Pangaea") which was acquired by Empire during 2021. Mr Fudge is one of Australia's most successful investors in unconventional gas development and was one of the early movers into the Northern Territory's Beetaloo Sub-basin.
During his time with Empire, the Company has successfully integrated Pangaea into the Company and become the largest holder of net acreage in the Beetaloo.
At the time of Mr Fudge's appointment to the Board, it was disclosed in the Notice of General Meeting to approve the acquisition of Pangaea dated 2 July 2021 that Mr Fudge was dealing with health issues.
Whilst he is strong, these health issues remain and are a significant reason for his decision to leave the Board. It has been his stated intention to transition from the Board once Pangaea was successfully integrated into Empire which has been completed. Further Mr Fudge has expressed his confidence that Empire is in good hands with strong management and an experienced Board.
The Board and management extend their gratitude to Mr Fudge and Ms Clarke for their significant contribution to Empire during their tenure.
Karen Green Appointed to the Empire Board
Empire also announces the appointment of Ms Karen Green as an independent Non-Executive Director with effect from today. Ms Green will also be appointed Chair of the Audit & Risk Committee.
Ms Green resides in Darwin, Northern Territory.
Ms Green will stand for election at Empire's 2024 Annual General Meeting to be held during May 2024.
Empire welcomes Ms Green to the Board and is confident that she will add material value as the Company moves from explorer to producer focused on the Beetaloo Sub-basin.
About Empire Energy Group Ltd
Empire Energy (ASX:EEG) (OTCMKTS:EEGUF) is a Sydney based Australian oil and gas company holding 100%-owned and operated assets with unconventional targets in the Northern Territory Beetaloo Sub-basin and central trough of the McArthur Basin.
Empire is an active Beetaloo Sub-basin operator, focused on maturing its assets to production. Following the successful appraisal drilling and flow testing of the Carpentaria-2H and 3H wells in Empire's EP187, Empire is targeting first gas flow in H1 2025 at its Carpentaria Pilot Project. The Pilot has a targeted sales gas rate of up to 25 TJ per day utilising the existing McArthur River Pipeline.
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