The surveys consist of the onshore West Anketell Aeromagnetic Geophysical Survey of 8,000 line kilometers in EP 448 and the West La Grange Aeromagnetic Geophysical Survey of 3,000 line kilometers in EP 438. ARC are also in the process of reprocessing select seismic data within these two permits to further progress the identification of leads and prospects for future detail seismic or drilling.
Pursuant to the EP 438 and EP 448 Heads of Agreement entered into between ARC and Empire and the EP 438 and EP 448 permittees on 5 December 2006, ARC has exercised the option within the Agreements to farmin to each of the EP 438 and EP 448 permits. ARC will have transferred to it a 5% interest in each of the EP 438 and EP 448 Exploration Permits now they have completed the aeromagnetic surveys. ARC will now earn up to 75% in each permit by undertaking additional exploration of seismic and/or drilling by the expenditure of AUD$3 million in EP 438 and AUD$3 million in EP 448.
Maneroo Oil Company Limited, which holds a 60% equity in EP 438 and a 45% equity in EP 448, has reached agreement with Empire where Empire will acquire all of Maneroo Oil Company Limited's interest in each of EP 438 and EP 448. The Company looks forward to increasing its equity in these two Canning Basin permit areas and providing details of this acquisition.
This farmin with ARC complements the EP 104/R1 Farmin with ARC who are to operate and drill the Valentine-1 and Stokes Bay-1 wells in the Canning Basin, Western Australia, during August- September 2007.
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