Empire Oil & Gas has called in administrators to the whole company after Mineral Resources demanded immediate repayment of a $15 million loan.
The Perth Basin operator said it has appointed partners from Ferrier Hodgson to take control of the company.
“After careful and urgent consideration of the options available to it, the company determined that it could not develop a course of action that was reasonably likely to lead to a better outcome than the appointment of voluntary administrators,” Empire said.
“The directors … very much regret that these circumstances have come to pass. They wish the company, its management, employees and stakeholders success in the future as the voluntary administrators consider the options available.”
Empire’s operating subsidiary has been in receivership and administration for two weeks after biggest shareholder MinRes lost patience with attempts to restart its Red Gull gas and condensate project.
*source The West Australian
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