Empire Oil & Gas NL (ASX: EGO) entered into an conditional binding agreement to acquire Venator Cooper 1196 Pty Ltd and Venator Surat 1186 Pty Ltd from Wattrelos Investments Pty Ltd, Arbois Investments Pty Ltd and others on August 26, 2019. Empire Oil & Gas NL will issue 93.80 million shares to sellers. Empire Oil & Gas NL will issue 10 million shares to Trident Capital. As on February 25, 2020, Empire Oil & Gas NL will issue 18.75 million shares to sellers as price of AUD 0.2. Post completion, Empire Oil & Gas NL will change its name to Venator Petroleum NL. If the proposed acquisition is not completed, Empire Oil & Gas NL will incur costs relating to advisors and other costs without any material benefit being achieved. Upon completion, Hewitt-Dutton, Gilfillan and McCormick will resign from the board and Andrew Kirk and Darren Bromley will be appointed as directors of the Empire Oil & Gas NL. The proposed acquisition is subject to completion of due diligence into Venator, shareholder approval of Empire Oil & Gas NL, third party approval, regulatory approvals and is subject to completion of separate transaction. As of April 1, 2020, the transaction was approved by shareholders of Empire Oil & Gas. The deal is expected to close on November 21, 2019. Trident Capital Pty. Ltd acted as financial advisor to Empire Oil & Gas NL.