Empire Oil & Gas Farms Out Stake In Perth Basin Permit
Empire Oil & Gas has farmed out a 15% interest in Exploration Permit EP437, onshore Perth Basin, to Caracal Exploration Pty Ltd. Caracal will contribute 30% of the costs of drilling the Waugh-1 exploration well and thereafter Caracal will contribute 15% of any completion and testing of the well.
With Caracal Exploration’s farm-in, Empire’s interest in EP 437 will then be 35%.
Waugh-1 targets potential recoverable oil and the unconventional potential of the carbonaceous shale section in the Cattamarra Coal Measures. This shale had elevated methane and ethane gas reading when drilled in the Dunnart-1 well.