ABN 55 063 613 730 Ground F loor 229 S t i r l i ng H i ghway...

ABN 55 063 613 730
Ground F loor
229 S t i r l i ng H i ghway
CLAREMONT 6010
WESTERN AUSTRALIA
Te lephone : + 6 1 8 9286 4600
F a c s imi le : + 6 1 8 9284 6588
Ema i l : admi n@empi reoi l . c om. au
Web: www. empi r e o i l . c om. au
Empire further sharpens exploration focus
on core North Perth Basin acreage with
farm-out of South Perth Basin permits
Empire Oil & Gas (ASX: EGO) is pleased to advise that it has continued to rationalise its
exploration portfolio with a farm-out agreement covering its South Perth Basin acreage,
enabling Empire to focus on its exploration campaign in the highly prospective North Perth
Basin permits.
Under the agreement, Pilot Energy (ASX: PGY) will earn 60 per cent equity in Empire’s South
Perth Basin permits EP 416 and EP 480. Pilot Energy will also assume operatorship and
Empire will maintain a 40 per cent non-operated interest.
Pilot Energy will pay Empire a total of $450,000 in two instalments, subject to various
government approvals being obtained prior to 31 March 2016. Empire will also be freecarried
by Pilot Energy through the first two years of expenditure, excluding any field-based
operations.
A core element of Empire’s exploration strategy was to rationalise its exploration portfolio
to allow the Company to focus on the proven North Perth Basin. In line with this strategy,
Empire has already divested its interests in WA’s onshore Carnarvon Basin.
Empire continue to process and interpret data from the Black Swan Airborne Geophysical
Survey conducted over Empire’s North Perth Basin permits. Interpretive results should be
available late in the December Quarter, 2015 and will be integrated into the existing
geological and geophysical data base for EP 416 and EP 480 to determine the next step in
the work program.
Empire is also preparing to drill the Red Gully North-1 well in EP 389 later this year.
Media:
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Paul Armstrong
+61 8 9388 1474

Results expected to be analysed by late December 2015 GLTAH!

P.S. Sorry about extremly ugly copy and paste