Empire Energy Corporation Intl. (fka EEGC)

[In The Bahamas]

EEGC TAKE TAZ LICENCE NEWS OUT

cgod 20 Jul'12 - 11:16 - 172 of 174

News out.

Item 8.01 Other Events




Empire exercises its debenture rights to appoint administrator to restructure Great South Land Minerals Ltd




Empire Energy Corporation International (Empire) announced that as the largest secured creditor of Great South Land Minerals Limited, it is exercising its rights under a registered mortgage debenture deed over the assets of Great South Land Minerals Limited (GSLM) - (included as part of this 8K Filing) which was lodged with the Australian Securities and Investment Corporation (ASIC) on the 17 th July 2010. On Thursday 21 st June 2012, the Board of GSLM took affirmative action to place the company into voluntary administration when a motion to wind up GSLM before the Federal Court was enforced. Empire has made certain commercial arrangements with intent to confirm as soon as practical, the appointment of a receiver and manager to act on its behalf as the largest secured creditor of the company. This will enable Empire to work alongside the Liquidator to restructure GSLM so that it may continue on in its pursuit to search for oil and gas in Tasmania.




The Directors believe that the restructure action is in the best financial interests of the company whilst Empire is presently moving to close transactions to receive additional financing to move its business interests forward.