- Company recapitalisation in August 2018 and 1 for 10 consolidation
- Board renewal with Alex Underwood, Paul Espie, John Warburton and John Gerahty joining
- USA asset sale process commenced in late 2018 to reduce debt and focus on Beetaloo and McArthur
- Sale of Kansas assets for US$19.1 million announced reducing net debt from A$31m presently to ~A$6m, with pro-forma cash at bank of ~A$5m
- Empire will retain its cash flow positive New York / Pennsylvania gas production assets
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About Empire Energy Group Ltd
Empire Energy (ASX:EEG) (OTCMKTS:EEGUF) is a conventional oil and natural gas producer with operations in Appalachia (New York and Pennsylvania) and the MidCon (Kansas and Oklahoma).
The Company has over 14.5 million acres in the McArthur & Beetaloo Basins, Northern Territory, both of which are considered highly prospective for large shale oil and gas resources. Work undertaken by the Company over the past 5 years demonstrates that the Central Trough of the McArthur Basin, of which the Company holds around 80%, is highly prospective, with key similarities to those extending through Oman, Siberia and Southern China and which contain resources of billions of barrels of oil equivalent.
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