Empire Energy (ASX:EEG) wins auction for Pangaea Group's resource base

Company News

by Michael Luu

Sydney-based oil and gas producer Empire Energy (ASX:EEG) has won the auction to acquire a majority stake in exploration company Pangaea Group’s five tenements across the Beetaloo Sub-basin.

An 82.5 per cent interest in these assets will cost Empire (ASX:EEG) around $70 million in cash and scrips. The company intends to finance this purchase via a $30 capital raising.

Shares in Empire Energy (ASX:EEG) closed 1.43% higher at 36 cents