Empire Oil and Gas NL
(ASX:EGO) is preparing to put itself on the map as a significant gas player.
The junior explorer has received a huge cash injection from the second tranche of its gas supply contract with Alcoa.
Higher than expected gas sales mean the gas supply arrangements of Tranche 1 are rapidly being fulfilled. Under the agreement revenue from the Tranche 1 was put towards construction of the Red Gully facility.
Tranche 2 payments will now lift cash flow by approximately $14 million allowing Empire to pour resources into its Red Gully and Black Swan projects as well as identify future prospects.
Empire Oil and gas made a net profit of $5.71 million for the first half of the 2015 financial year.
