EMPIRE ENERGY GROUP LIMITED Level 7, 151 Macquarie Street
Sydney NSW 2000
T: 02 9251 1846
F: 02 9251 0244
(ASX: EEG) (OTCQX: EEGNY)
6 October 2015
On the 31 August 2015 Energy Empire Group Limited ('the Company') announced a Pro-Rata Non- Renounceable Rights Issue at an issue price of $0.023 per New Share to raise up to approximately $1.4 million dollars before costs.
The Company gives notice that the exercise price of existing unquoted options has been adjusted in accordance with the terms and conditions of the options, and pursuant to ASX Listing Rule 6.22.
A summary of revised exercise prices is detailed below:
Number of Options | Number quoted | Original Exercise Price $AUD | Adjusted Exercise Price $AUD | Expiry Date |
1,500,000 | Nil | $0.18 | $0.179 | 31 December 2015 |
4,500,000 | Nil | $0.17 | $0.169 | 31 December 2015 |
4,250,000 | Nil | $0.12 | $0.119 | 26 February 2016 |
3,500,000 | Nil | $0.15 | $0.149 | 31 December 2016 |
1,500,000 | Nil | $0.17 | $0.169 | 31 December 2016 |
1,500,000 | Nil | $0.18 | $0.179 | 31 December 2016 |
16,750,000 | ||||
In early 2007, the Company established Empire Energy USA, LLC a wholly owned subsidiary. Empire Energy USA is an oil and natural gas producer with operations in Appalachia (New York and Pennsylvania), Central Kansas Uplift and Oklahoma. Current normalised production is around 1,250Boe/d. The Company also holds Exploration Licences and Applications over 14.6 million acres in the McArthur Basin, Northern Territory, Australia, which is considered highly prospective for oil and gas shale.
Empire Energy holds a US$200 million credit facility with Macquarie Bank Limited, which can be utilised for the acquisition and development of oil and gas assets in the USA. This facility has around US$41.2m of the debt facility currently drawn.
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