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 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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