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Tasmania Oil and Gas

 

New SPV company being developed between CTA Plc (25%), Alpha Prospects Plc (20%), Hill Street Investments Plc (10%) and Empire Energy International Corporation (45%).

Established to fund and develop oil and gas exploration licence EL14/2009 in Tasmania, Australia through the acquisition of the licence from Empire’s subsidiary GSLM.

CTA Plc’s shareholding is gained through an equity investment in TOGA of $100k and capitalising its $1.5 million loan in Empire, subject to deed of company arrangement (DOCA) being successfully completed and licence continuing.

All TOGA shareholders, including Alpha, currently have the option to invest $500k through a convertible loan note for a further 8%.

GSLM’s ~$26m debt and relevant mortgage debenture to Empire has been assigned to TOGA. TOGA now represents the overwhelming majority of creditors by value.

Alpha has acquired a 20% interest in TOGA for £1m in shares in 2013

Website Address - www.TOGlimited.com