Empire Oil and Gas (ASX: EGO) has received a notice of initial substantial shareholder from ERM Power (ASX: EPW), which acquired a further 136,642,761 shares this month at a total price of $1,931,931.22.
ERM now holds 440,503,777 shares, or a 7% voting power, in the company.
In its full year results for the 12 months ended 30 June 2013, ERM said it had expanded exploration assets in WA with a primary focus on drilling the Black Arrow-1, Charger-1 and other wells within the EP432 and EP454 permits with Empire.
Additionally ERM will participate in a drilling program with Empire over the Gingin Gasfield/Wannamal areas adjacent to the Red Gully Gas and Condensate Processing Facility within EP389.
Drillable prospects will be defined from the recent Wannamal 3D Heliseismic Survey which concluded in June 2013.
ERM's subsidiary EPM Power holds a 23.61% in the Red Gully Gas and Condensate Processing Facility that is producing gas from the Red Gully-1 well into the Dampier to Bunbury Natural Gas Pipeline (DBNGP).
Condensate produced is also being sold into the BP Kwinana Refinery.
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