Empire Energy Group Chairman Acquires Shares On Market
Empire Energy Group (ASX: EEG) executive chairman Bruce McLeod has acquired 215,000 shares of the company on the market.
The shares were bought for an average consideration of $17,250, or an average price of $0.08 each. He now holds a total of 7,154,760 shares held directly or indirectly.
In addition, McLeod holds 5.3 million executive options and 2 million executive options exercisable at $0.35 and expiring 31 December 2014.
Empire had last month acquired a key pipeline system in Chautauqua County, New York State, allowing it to progress with carrying out its own repairs, reducing the otherwise substantial gas losses of 10 million cubic feet per month and allowing at least 34 shut-in wells to be brought back into production.
Repairs to the pipelines are expected to be completed by the end of the U.S. summer.
Full terms of the acquisition are confidential however payback for the acquisition and repairs, based on reduction of gas shrinkage and excluding the value of the meters acquired, is expected to be less than 12 months.
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