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Sydney, May 6, 2021 AEST (ABN Newswire) - Empire Energy (
ASX:EEG) (EEGUF) has agreed to acquire an 82.5% interest in Exploration Permits EP167, EP168, EP169, EP198 and EP305 (together the Vendor Tenements ) from Pangaea, a company founded and owned by Mr Paul Fudge, an established company builder and hydrocarbon project operator.
The Vendor Tenements complement our existing acreage in the Northern Territory s the Greater McArthur Basin and Beetaloo Sub-Basin. Netherland, Sewell and Associates, Inc ( NSAI ) has independently assessed a best estimate Prospective Resource of 22.8 TCF gas and 630 MMbbls liquids net to the acquired 82.5% interest in the Vendor Tenements.
Empire Energy Group Limited (ASX:EEG) (OTCMKTS:EEGUF) is pleased to announce that it has signed a binding Sale and Purchase Agreement with Pangaea (NT) Pty Ltd as trustee of the Pangaea (NT) Unit Trust to acquire Pangaea s Beetaloo Sub-basin portfolio.
Empire Energy has signed a binding Sale and Purchase Agreement to acquire Pangaea’s Beetaloo Sub-basin portfolio for a combination of cash, ordinary shares and unlisted options in Empire.