Mineral Resources Becomes Key Shareholder of Australia's Empire Oil & Gas

Australia's oil and gas producer Empire Oil and Gas NL received notification Tuesday from ERM Power Ltd. that the latter has sold its 18.72 percent shareholding in Empire to Mineral Resources Ltd. (MRL) at $0.33 (AUD 0.45) per share.

MRL, a mining infrastructure services provider, is now a cornerstone shareholder of Empire, holding a total stake of 19.36 percent. The transaction included 1,426,359 Empire options held by ERM which have an exercise price of $0.66 (AUD 0.90) per share and expire in April 2018.

The strategic investment in Empire will support the development of MRL’s liquefied natural gas (LNG) power strategy and provides it with the opportunity to work with Empire in providing direct access to a natural gas source in Western Australia. MRL’s first installation of its LNG technology will be at the Mt. Marion lithium project, due to commence full operations in the second half of this year.

“MRL is pleased to be associated with Empire and looks forward to supporting the growth of its oil and gas business in conjunction with developing the power supply element of MRL’s mining services business,” Chris Ellison, managing director of MRL said in the press release.

“Empire looks forward to the ongoing support of MRL in unlocking the future potential of the Perth Basin. ERM Power has played an important part in establishing Empire as a significant Perth Basin producer with its own infrastructure, and has been a supportive cornerstone shareholder for more than two years,” Empire CEO Ken Aitken added.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  What Should Go On Your Electrical Engi... (Jul 25)
 -  AECOM to Lead Permitting for Monkey Is... (Jul 25)
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)


Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Sr Advising Engineer - Tech Development
Expertise: Business Development|IT - Software Development
Location: Houston, TX
 
Business Development Manager
Expertise: Business Development|Construction Manager|Marketing
Location: Salt Lake City, UT
 
IT Engineer III
Expertise: Engineering Manager|IT - Sys Admin & Support
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $50.97/BBL 1.53%
Light Crude Oil : $48.75/BBL 1.79%
Natural Gas : $2.92/MMBtu 0.68%
Updated in last 24 hours