Environmental Activits Allege Empire Energy Group Used Outdated LNG Forecasts in Complaint to ASIC

MT Newswires Live05-29

Market Forces alleged that Empire Energy Group (ASX:EEG) engaged in potentially misleading and deceptive conduct by using outdated liquefied natural gas forecasts in a recent capital raise presentation for investors, in a complaint to the Australian Securities and Investment Commission (ASIC), according to a Thursday release.

The environmental activist group said in its complaint that Empire Energy relied on outdated modelling to justify a claim that global LNG demand will outstrip supply in the near future. However, an update to that modelling, available at the time, projects significantly less favorable market dynamics.

Empire Energy did not reply immediately to a request for comment from MT Newswires.

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