Empire to exit Carnarvon Basin, sell remaining acreage to Bounty

Empire Oil & Gas NL

Australia's Empire Oil & Gas NL has taken another key step in its strategy to unlock the value of its Perth Basin assets, signing an indicative agreement to sell its remaining acreage in Western Australia’s onshore Carnarvon Basin.

Empire will sell its subsidiary company, Rough Range Oil Pty Ltd., which holds its remaining six Carnarvon Basin tenements, to Bounty Oil & Gas NL for a small cash sum and royalty-based payments on future production. 

Interest in these tenements range from 36% to 90%, and the sale will enable Empire to focus on unlocking shareholder value in the company’s flagship assets in the Perth Basin, where it has the Red Gully Gas and Condensate project and is the biggest land holder.

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