Acquisition of Assets from Empire Oil & Gas NL (Administrators Appointed)

Source Press Release
Company Mineral Resources LimitedEmpire Oil & Gas NL 
Tags Asset Deals, Deals, Upstream Activities
Date November 09, 2017

Mineral Resources Limited (ASX:MIN; MRL) wishes to advise that it has acquired of all of the assets of  Empire Oil & Gas NL (ASX:EGO; EGO) including the Red Gully Processing Facility and all of its petroleum exploration tenure (Transaction).

The Transaction, which completed on 8 November 2017, was undertaken pursuant to a Deed of Company Arrangement (DOCA) approved by creditors of EGO on 2 November 2017.

Consistent with MRL’s strategy of acquiring and operating gas assets to provide lower and more certain fuel costs over the long term for its business, MRL will immediately commence working with existing EGO contractors to begin developing the acquired assets to their potential.

MRL’s immediate priority is to execute the well intervention plan with a view to re-starting the Red Gully Processing Facility in order to preserve the asset’s value and to recommence meeting supply commitments to existing customers.

Further to the ASX announcement of 14 September 2017, the appointment of Mr Matthew James Donnelly and Mr Jason Mark Tracy of Deloitte as joint and several receivers and managers of certain assets of the Empire Oil Company (WA) Limited has become redundant as a result of the Transaction.

EGO remains subject to the DOCA in accordance with its terms.

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