Empire Oil & Gas has continued to rationalise its exploration portfolio with a farm-out agreement covering its South Perth Basin acreage, enabling Empire to focus on its exploration campaign in the highly prospective North Perth Basin permits.
Under the agreement, Pilot Energy will earn 60 per cent equity in Empire's South Perth Basin permits EP 416 and EP 480. Pilot Energy will also assume operatorship and Empire will maintain a 40 per cent non-operated interest.
Pilot Energy will pay Empire a total of $450,000 in two instalments, subject to various government approvals being obtained prior to 31 March 2016. Empire will also be free-carried by Pilot Energy through the first two years of expenditure, excluding any field-based operations