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
admi…
Read the full article at: http://www.ferret.com.au/articles/news/empire-oil-company-enters-voluntary-administration-n2529081