Completion of USA Asset Sale
Sydney, April 15, 2024 AEST (ABN Newswire) - On 12 April 2024, Empire Energy Group Limited (
ASX:EEG) (EEGUF:OTCMKTS) announced it had entered into an unconditional agreement to sell Empire Energy E&P LLC ("Empire E&P") to PPP Future Development, Inc for up to US$9.1 million. Empire E&P is the operating entity for all of Empire's US oil & gas assets.
Further to that announcement, Empire announces that the sale achieved completion on Friday, 12 April 2024, US Eastern Time.
Following completion of the sale, upfront cash proceeds of US$5.9 million were received by Empire and the existing US Macquarie Bank loan of ~US$4.6 million was repaid in full.
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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