Why is the Empire Energy (ASX:EEG) share price sliding today?

The Empire Energy Group Ltd (ASX: EEG) share price is in negative territory in late-afternoon trade. This comes despite the company announcing an update on the acquisition of the EMG Northern Territory’s (EMG NT) Beetaloo interests.

At the time of writing, the Empire Energy share price is swapping hands for 31 cents a pop, down 3.1%.

Details of the acquisition update

According to its release, Empire Energy advised that EMG NT has delivered a notice of exercise of tag-along right to Pangaea. A tag-along right comprises of a number of clauses (co-sale rights) that aim to protect a minority shareholder. Essentially if the majority shareholder sells their stake in an asset, it allows the smaller shareholder to follow suit and sell…