Closure of Unmarketable Parcel Sale Facility
The Directors determined a less than marketable parcel was any shareholding of less than 2,173 Shares based on the $0.23 per share closing price as at the Record Date (as defined in the announcement dated 1 August 2019).
The final number of shares sold under the Facility was 884,075 Shares held by 1,482 shareholders. The Company received share retention forms from 193 shareholders holding 113,886 Shares, who chose to retain their shares despite being eligible for the Facility.
The shareholders whose shares were sold through the Facility shall receive $0.20 per Share without having to pay brokerage or other costs. This was the closing EEG share price on the Closing Date for receipt of Retention Forms (13 September 2019).
Shareholders whose shares were sold under the Facility will receive payment for their shares on or shortly after 8 October 2019.
The sale proceeds will be paid in Australian Dollars by direct credit to the relevant recipients. Non-resident holders or those holders who have not provided their direct credit details will be paid in Australian dollars by cheque.
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.
Empire Energy Group Ltd