VIDEO: Empire Energy (ASX:EEG) Alex Underwood Speaks with Julian Malnic about Upcoming Activities
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.
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Duterte’s new mining order disastrous to environment groups
BY RAYMUND VILLANUEVA
President Rodrigo Duterte lifted the nine-year moratorium on new mineral agreements, earning warnings from various groups of further corporate plunder of the environment and more natural disasters.
Bayan Muna Representative Eufemia Cullamat said she is dismayed with Duterte’s decision that would most likely result in the worsening of the environmental crisis in the country.
“Instead of putting a stop to environmental destruction that causes disasters, he is allowing further exploitation of our natural resources,” Cullamat said.
By LLANESCA T. PANTI, GMA News
Published April 15, 2021 11:59am President Rodrigo Duterte has lifted the nine-year ban on granting new mining agreements to maximize government revenues and stir economic growth. Duterte issued Executive Order (EO) 130, which provides that the government may enter into new mineral agreements, subject to compliance with the Philippine Mining Act of 1995 and other applicable laws, rules, and regulations. The ban was imposed by Duterte s predecessor, Benigno Aquino III, in 2012. In his EO, Duterte said the Philippines so far has tapped less than 5% of its mineral resources endowment. The EO tasked the Department of Environment and Natural Resources (DENR) to formulate the terms and conditions in the new mineral agreements that will maximize government revenues and share from production, including the possibility of declaring these areas as mineral reservations to obtain appropriate royalties, in accordance with existing laws, rules, and
President Rodrigo Roa Duterte (KING RODRIGUEZ/ PRESIDENTIAL PHOTO)
In Executive Order No. 130, the President directed authorities to strictly implement mining safety and environmental policies, review existing mineral deals for possible renegotiation, and rationalize the existing revenue-sharing scheme.
The order on the grant of new mineral projects subject to compliance with the relevant laws was signed by the President on April 14 and released by the Palace Thursday, April 15. It will take effect upon publication in a newspaper.
The President’s latest directive amended EO 79 issued in 2012 that institutionalized and implemented several reforms in the mining sector. The Aquino-era EO prohibited the approval of new mining permits until a new legislation rationalizing revenue-sharing scheme is enacted.