Empire Energy International, based in Overland Park, KS, is a major shareholder in Tasmanian Oil and Gas Australia Pty Ltd (TOGA) and has invested over A$70 million in the exploration and development of gas fields in Tasmania. TOGA has secured funding from a private international investment fund in London, with an initial tranche of A$13.5 million to be used for the drilling of two development wells. The company aims to explore and develop oil and gas fields in Tasmania, where there are currently no commercial scale onshore fields but geological research suggests the presence of formations that could yield commercial quantities of gas and/or oil.
With the potential value of the project far greater than anticipated due to the current price of oil, Empire Energy International and TOGA are committed to the exploration and development of gas fields in Tasmania. Once funding is finalized and the license application is approved, the company expects to move forward quickly with their plans.
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