Ann: Empire Oil & Gas CEO discusses updated exploration program, page-19

Jake,
When this board took over, Kent Quinlan said that the Red Gully asset was never going to finance exploration drills. They were always going to farm out. Think of the risks. If they did go it alone and if the first elephant drilled was a duster, there would be a sudden lack of interest (dangle a carrot for a rabbit) by both farmees and investors.
I think there is now some interest in the Red Gully Field brought a bout by two things. The Red North Well has brought an "oil play into being" which could well extend into the "Falcon Leads" (April presentation page 11)