Bounty Oil & Gas NL (Bounty) reported Friday that the indicative agreement with Empire Oil & Gas NL (Empire) for Bounty to buy all of Empire’s Carnarvon Basin permit interests in Western Australia held by Empire subsidiary has been terminated by mutual concern. Bounty has been a long term joint venture partner with Empire in a number of the permits.
As a result the Empire subsidiary has given notice that it will relinquish operatorship and its interest in the following permits and Bounty will subject to joint venture and regulatory approval assume those interests and operatorship. The permits are:
Bounty will thereby increase its exploration permit interests in the onshore Carnarvon Basin, Western Australia centered around Rough Range as follows:
It will move to a:
It will retain:
Bounty will conduct a full technical review as a basis for future work programs.
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