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ERM Power agrees to sell West Australian gas assets to Empire


Published Sep 2, 2014
ERM Power Limited

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.

Tags: ERM Power Limited




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