Bounty Oil & Gas NL says that the indicative agreement with Empire Oil & Gas NL for Bounty to buy all of Empire's Carnarvon Basin permit interests held by an Empire subsidiary has been terminated by mutual consent. Bounty has been a long term joint venture partner with Empire in a number of the permits.

As a result the Empire subsidiary has given notice that it will relinquish operatorship and its interest in the following permits and Bounty will subject to joint venture and regulatory approval assume those interests and operatorship. The permits are: •EP 435 - 238 sq km north of L16 (the Rough Range Petroleum Lease); and •EP 359 - 556 sq km mainly south of L16 Rough Range.

Tags: Bounty Oil & Gas, Empire Oil & Gas NL