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Empire puts subsidiary into administration

Creamer Media Senior Deputy Editor: Australasia
ASX-listed Empire Oil & Gas has placed its subsidiary Empire Oil Company into voluntary administration, after ASX-listed Mineral Resources issued a notice of default under a A$15-million loan facility agreement. Mineral Resources this week said that it took the steps in order to protect its interest, following consideration of the ongoing interruption to production at the Red Gully 1 well, owned by the Empire subsidiary, as well as consultation with the board of Empire Oil & Gas.

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