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