Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/erm-power-agrees-to-sell-west-australian-gas-asset.shtmlERM Power agrees to sell West Australian gas assets to Empire
ERM Power Limited (ERM Power) has entered into an agreed term sheet with Empire Oil & Gas (Empire) to sell its directly held
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ERM Power Limited (ERM Power) has entered into an agreed term sheet with Empire Oil & Gas (Empire) to sell its directly held interests in its West Australian gas assets to Empire.
ERM Power has also agreed to participate in a subscription and rights issue to recapitalize Empire. The sale and the recapitalization (the Transactions) are subject to approval from Empire shareholders at a general meeting.
The West Australian assets which form part of the sale are ERM Power’s interests in 8 Exploration Permits in the Perth Basin1 (Permits), including Exploration Permit 389 containing the wells Red Gully-1 and Gingin West-1, developed in 2013 and producing gas and condensate that is contracted to Alcoa and BP respectively, and associated assets.
