Empire Announces Changes to Board of Directors
Sydney, Nov 17, 2023 AEST (ABN Newswire) - Empire Energy Group Limited (ASX:EEG) (EEGUF:OTCMKTS) announces that Mr Paul Fudge and Ms Jacqui Clarke have retired as a Non-Executive Director and alternate Director of the Company.
Mr Fudge is Empire's largest shareholder and the founder of Pangaea Resources ("Pangaea") which was acquired by Empire during 2021. Mr Fudge is one of Australia's most successful investors in unconventional gas development and was one of the early movers into the Northern Territory's Beetaloo Sub-basin.
During his time with Empire, the Company has successfully integrated Pangaea into the Company and become the largest holder of net acreage in the Beetaloo.
At the time of Mr Fudge's appointment to the Board, it was disclosed in the Notice of General Meeting to approve the acquisition of Pangaea dated 2 July 2021 that Mr Fudge was dealing with health issues.
Whilst he is strong, these health issues remain and are a significant reason for his decision to leave the Board. It has been his stated intention to transition from the Board once Pangaea was successfully integrated into Empire which has been completed. Further Mr Fudge has expressed his confidence that Empire is in good hands with strong management and an experienced Board.
The Board and management extend their gratitude to Mr Fudge and Ms Clarke for their significant contribution to Empire during their tenure.
Karen Green Appointed to the Empire Board
Empire also announces the appointment of Ms Karen Green as an independent Non-Executive Director with effect from today. Ms Green will also be appointed Chair of the Audit & Risk Committee.
Ms Green resides in Darwin, Northern Territory.
Ms Green will stand for election at Empire's 2024 Annual General Meeting to be held during May 2024.
Empire welcomes Ms Green to the Board and is confident that she will add material value as the Company moves from explorer to producer focused on the Beetaloo Sub-basin.
About Empire Energy Group Ltd
Empire Energy (ASX:EEG) (OTCMKTS:EEGUF) holds over 14.5 million acres of highly prospective exploration tenements in the McArthur and Beetaloo Basins, Northern Territory. Work undertaken by the Company since 2010 demonstrates that the Eastern depositional Trough of the McArthur Basin, of which the Company holds 80% has very considerable conventional and unconventional hydrocarbon potential. The Beetaloo sub-Basin, in which Empire holds a substantial position, has independently assessed world class hydrocarbon volumes in place with a major ramp up in industry activity underway to appraise substantial discoveries already made by major Australian oil and gas operators.
Empire Energy is an experienced conventional oil and gas producer with operations in the Appalachia region (New York and Pennsylvania). Empire has been successfully developing and producing oil and gas since 2006.