Pangaea Acquisition Update
Sydney, July 2, 2021 AEST (ABN Newswire) - Empire Energy Group Limited (
ASX:EEG) (EEGUF:OTCMKTS) is pleased to announce the release of its Notice of General Meeting to consider Empire's acquisition of Pangaea (NT) Pty Limited ("Pangaea") and EMG Northern Territory Holdings Pty Limited ("EMG NT") 100% interests in EP167, EP168, EP169, EP198 and EP305, located onshore Northern Territory. The General Meeting will be convened at 2pm (AEST) on Tuesday 3 August 2021.
The Notice of Meeting reflects a change to the transaction terms from those announced by Empire to ASX on 14 April 2021. The amended terms mean that the number of Empire shares to be issued to Pangaea at completion will be limited to an amount that will not result in Pangaea or its associates acquiring more than a 20% shareholding in the Company at any time. Following completion and subject to all requisite approvals (including Empire shareholder approval and Northern Territory Government approval), Pangaea may call for the issuance of any remaining or unissued consideration shares provided that it will not result in Pangaea or its associates holding more than a 20% interest in the shares of the Company.
All other terms including total consideration for the acquisition remain unchanged.
The Notice of General Meeting contains important information about the transaction, including the terms of the transaction and information about the assets to be acquired.
We invite all Shareholders to read the Notice of General Meeting and accompanying Explanatory Statement and cast their vote either in person at the General Meeting or by proxy, by postal vote or online.
About Beetaloo Energy Australia Limited
Beetaloo Energy Australia Limited (ASX:BTL) (OTCMKTS:EEGUF) holds 28.9 million acres of highly prospective exploration tenements in the McArthur Basin and Beetaloo Sub-basins, Northern Territory. Work undertaken by the Company since 2010 demonstrates that the Eastern depositional Trough of the McArthur Basin, of which the Company holds around 80%, has enormous conventional and unconventional hydrocarbon potential. The Beetaloo Sub-basin, in which Beetaloo Energy holds a substantial position, has world-class hydrocarbon volumes in place and a ramp up in industry activity to appraise substantial discoveries already made by major Australian oil and gas operators is ongoing.
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