Listed oil and gas Exploration Company Oil Basins announced that its Board of Directors and Shareholders have approved changing the company’s name to Emperor Energy Limited and ASX code to EMP. The name change will take effect for ASX trading purposes next week.
Managing Director Carl Dumbrell said the name change marked the beginning of a new era for the Company which is actively progressing its significant 1.8 Tcf unrisked Gas-in-Place estimate for the Judith Gas Field in Bass Strait.
The Company was pleased to announce on November 14, 2017, that it had been successful in its application for summary dismissal of claims made by former director Mr Neil Doyle. The judge was satisfied that Mr Doyle had no reasonable prospect of success in the proceeding. The Company will bring an application for costs against Mr Doyle.
“We are very excited to be moving forward as Emperor Energy, concentrating on our strategic assets in the Bass Strait at a time when activity in the region is strengthening,’’ Mr Dumbrell said.
The Company outlook for Emperor Energy includes progressing further geological assessment of the Judith Structure and proceeding to a revised Resource Statement for the Judith Gas Field reflecting the current 1.8 Tcf unrisked Gas-in-Place estimate.
Other priorities include designing and costing a Judith exploration well whilst engaging with upstream gas companies, explorers and investors with a view to progressing a drilling program to spud a Judith well in 2020.
Emperor Energy will continue its assessment and due diligence of other energy assets and opportunities while maintaining a low Company operating cost structure.
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