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Tuesday, 02 December, 2008, 23:10 GMT | more >>

Empire makes its offer for GSLM



By Upstream staff 

Kansas company Empire Energy has made an all-stock tender offer for Australian explorer Great South Land Minerals (GSLM).

Under the agreement, Empire will issue about 58 million of its shares to the shareholders of GSLM. The company had initially signed the letter of intent in June 2002.

GSLM's main asset is a 28,000 square kilometre oil and gas exploration licence in the Tasmanian basin that it has held for five years and which might be renewed for a maximum of 10years.

Empire Energy has lined up a $1 million investment from HEM Mutual Assurance and a $270 million legally binding equity commitment from GEM Global Yield Fund structured as working capital that should allow it to ramp up exploration activities and initiate an extensive drilling program once the permits are obtained and equipment mobilized.

The company is also negotiating with potential joint venture partners from Singapore and Europe to commence a simultaneous drilling program on the prospects within the tenement/concession.


Thursday, 27 May, 2004, 01:10 GMT  | last updated: Thursday, 28 April, 2005, 14:31 GMT

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