Page 13 - AsianOil Week 15 2021

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The foreign ministry in Seoul confirmed the crew included 11 Myanmar nationals, five South
release of the Hankuk Chemi and its captain. Koreans, two Vietnamese and two Indonesians.
Iran seized the vessel near the strategic Strait Under the nuclear deal, Iran is supposed to
of Hormuz, accusing it of violating pollution be shielded from major international sanctions
rules. Tehran denied the move is linked to the in return for sticking with a verified programme
frozen funds. that guarantees its civilian nuclear development
All 20 crew members of the tanker were set programme will not evolve into an attempt at
free in February, apart from the captain. The creating a nuclear weapon.™

OCEANIA

Empire buys major stake in

five Australian shale blocks

FINANCE & AUSTRALIAN shale gas developer Empire
INVESTMENT Energy has acquired a controlling stake in five
exploration permits in the Northern Territory’s
Beetaloo sub-basin.
Empire announced on April 14 that it had
signed a binding sale and purchase agreement
(SPA) with Pangaea NT for the latter’s 82.5%
operated interest in EP167, EP168, EP169, EP
305 and EP198. The US’ Energy and Minerals
Group (EMG) holds the remaining 17.5% of
each licence.
Pangea NT is set to receive a cash payment
of AUD5mn ($3.9mn) as well as 140mn Empire
shares, equal to around 30% of the combined
business. Pangaea NT will also receive 8mn
unlisted Empire options, which carry an exer-
cise price of AUD0.70 ($0.54) per share and will
expire three years from their issue date.
Empire said the acquisition, which is
expected to be completed in June, would turn the
company into the NT’s leading onshore energy
company. and contingent resources in this key region.”
The deal will more than double Empire’s best He added: “Pangaea’s tenements overlap the
estimate prospective resources to around 41 Amadeus Gas Pipeline, which in addition to the
trillion cubic feet (1.16 trillion cubic metres) of McArthur River Mine Gas Pipeline that crosses
gas equivalent. This comprises 37 tcf (1.05 tcm) EP187, provides Empire with multiple pathways
of gas – a 157% uptick – and 657mn barrels – a to market utilising existing infrastructure.”
2,334% increase – of condensate and oil. Empire wholly owns the EP187 permit and
Empire’s 2C resources, meanwhile, have is in talks with EMG to acquire the outstanding
increased by more than 350%, including 171bn stake in the five blocks it has entered.
cubic feet (4.84bn cubic metres) of gas as well as a The Australian independent Empire Energy
maiden 2C contingent liquids resource booking announced in February that independent
of 2.9mn barrels of liquids. reserves auditor Netherland, Sewell & Associ-
Empire managing director Alex Underwood ates Inc. (NSAI) had upgraded its best estimate
said: “The transaction significantly increases prospective gas resource for EP187 by 47% to 3.5
Empire’s operated acreage, prospective resources tcf (99.12 bcm).™

Week 15 15•April•2021 www. NEWSBASE .com P13