Raya Group Limited advises that its US based subsidiary has executed formal documents in relation to the Joint Venture with the USA subsidiary of Empire Energy Group Limited. As previously announced the agreements allow the parties to jointly identify, acquire and develop oil and gas leases in an exclusive Area of Mutual Interest (AMI) in Northern Oklahoma.

Both Companies are to contribute oil and gas leases within the AMI on a 50/50 basis with +7,000 mainly contiguous net acres leased as of today's date. Leases are being acquired with a 3 year primary term and 2 year bonus term with 100% Working Interest and ~81.25% Net Revenue Interest under competitive commercial terms.

Tags: Raya Group Ltd