Empire Oil & Gas 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 WA's onshore Carnarvon Basin.

Empire will sell its subsidiary company, Rough Range Oil Pty Ltd that 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 per cent to 90 per cent 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.

Empire's exit from the onshore Carnarvon Basin will allow the company to focus all future drilling funds on the Perth Basin, while retaining potential upside to exploration success and future production on the Carnarvon tenements via a royalty right.

Tags: Empire Oil & Gas NL