Empire Oil Carnarvon Basin with sale of last remaining tenements (Scandinavian Oil-Gas Magazine)

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Empire Oil Carnarvon Basin with sale of last remaining tenements

Published May 12, 2015

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Empire Oil & Gas has sold its remaining tenements in WA's Carnarvon Basin, enabling it to focus solely on unlocking the value of its extensive acreage in the Perth Basin.

Under the deal, Empire has sold its subsidiary Rough Range Oil Pty Ltd, which holds the Carnarvon Basin tenements, to private company Kestrel Petroleum Pty Ltd for a small cash payment and a royalty on future production.

The sale will enable Empire to concentrate its resources on creating shareholder value at the Company's flagship assets in the Perth Basin, where it has the Red Gully Gas and Condensate project and the biggest acreage holding.

Tags: Empire Oil & Gas NL

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