Empire sell last Carnarvon asset to concentrate on Perth Basin

THE ROADHOUSE BOWSER: Empire Oil & Gas (ASX: EGO) announced the sale of the company’s remaining tenements in the Carnarvon Basin region of Western Australia.

Empire said the final sale will allow the company to focus solely on unlocking the value of its vast acreage in the Perth Basin.

The deal entails the sale of Empire subsidiary company 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,” Empire Oil & Gas said in its ASX announcement.

Email: admin@empireoil.com.au

Website: www.empireoil.com.au