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  Download PDF - Monday 24th September 2012 at 07:44am

("Alpha" or the "Company")


Alpha Prospects Plc announces that subject to certain preconditions having been satisfied, the Company has sign an agreement (the "Agreement") which will entitle it to own a 20% equity interest in a new joint venture company, called Tasmania Oil and Gas Limited ("TOG"). Other initial shareholders of TOG will be: TXO Plc (20%), Hill Street Investments Plc (10%) ("HSIP"); and Empire Energy Corporation International Inc. (45%) ("Empire").


As a result of financial difficulties faced by Empire, the parent company of Great South Land Minerals ("GSLM"), the Federal Court of Tasmania ordered that GSLM be wound-up and for a Liquidator to be appointed. subsequently, the Minister for the Department of Infrastructure, Energy and Resources had decided to refuse an application by GSLM for an extension to the term of its licence. GSLM lodged an appeal against the decision. There is no certainty at this stage whether the appeal will be successful.

Under the terms of the Agreement, TOG will, subject to certain preconditions having been satisfied, acquire title to GSLM's shares and/or its business and assets from Empire and GSLM's Receiver. The Agreement also stipulates that all relevant stakeholders will assist GSLM in the process of the appeal.

The Company would also like to announce that due to the financial difficulties faced by Empire, it is unlikely that Empire will exercise its option to acquire Alpha's stake in Coleridge Resources Inc. This is in line with the Company's announcement made on 7 March 2012. Alpha is also reviewing its position in relation to its joint venture with Empire, Alpha Prospects Australia Pty Ltd, in which, subject to the licence being granted, Empire has committed to spend $2 Million USD on drilling and a seismic survey.

The Company notes the announcement made by TXO Plc ("TXO"). The Company will update the market on the progress of the implementation of the Agreement as soon as more information is available.

The Directors of the issuer accept responsibility for this announcement.


ALPHA PROSPECTS PLC Christopher Foster +44 203 176 3031
PETERHOUSE CORPORATE FINANCE LIMITED Eran Zucker / Fungai Ndoro +44 207 469 0932