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TXO plc has reached an agreement to take an initial 25% equity interest in a new joint venture company, called Tasmania Oil and Gas Ltd. (TOG).
This equity interest is in consideration of the company having paid a cash investment in TOG of $100,000 and agreeing to the novation and capitalization of its existing convertible bond in Empire Energy Corp. International Inc. in favor of TOG.
Other initial shareholders of TOG will be: Hill Street Investments Plc, 10%; Alpha Prospects Plc, 20%; Alpha and Empire, 45%.
TOG has been formed as a new independent exploration and production company to take on and continue with the Tasmania onshore exploration activities carried out to date by Empire and Great South Land Minerals under the oil and gas Exploration License 14/2009.