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Empire Oil & Gas subsidiary Empire Oil Company has entered voluntary administration shortly after going into receivership.
The Empire subsidiary entered receivership yesterday after lender Mineral Resources issued the company a default notice for a $15 million loan and a deed of appointment of receivers and managers.
Deloitte was then appointed as receivers and managers of some of the assets, particularly those related to the Red Gully gas project in Western Australia.
Production at the Red Gully-1 well was suspended earlier this year to conduct a planned static pressure survey, and the company had expected to bring it back online.
However, Empire Oil & Gas today said it had no choice but to appoint the administrators following …
Read the full article at: https://www.australianmining.com.au/news/empire-oil-company-enters-voluntary-administration/