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Imperial Oil & Gas finalised farm out deal


Published Dec 28, 2015
Empire Energy Group Limited-3

Empire Energy Group Limited says that Definitive Agreements have been signed between Imperial Oil & Gas Pty Ltd., (Imperial) a 100 percent owned subsidiary of the Company and AEGP Australia Pty Ltd. (AEGP), an affiliate of American Energy Partners, LP (AELP) for the farm-out and development of the Company’s Northern Territory oil and gas tenements in Australia.

The Definitive Agreements provide $60 million in Phase One funding and further provides access of up to $100 million of funding for Phase Two development. Two additional payments of $7.5 million each are payable in cash to Imperial, with the first payment payable on closing.

Tags: Empire Energy Group Limited, Imperial Oil




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