Bounty Terminates Deal to Buy Stakes in Empire's Carnarvon Basin Permits
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:
- EP 435 – 92 square miles (238 square kilometers) north of L16 (the Rough Range Petroleum Lease); and
- EP 359 – 214 square miles (556 square kilometers) mainly south of L16 Rough Range
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:
- 100 percent interest in EP 435 and an interest in EP 359
It will retain:
- a 10 percent interest in ¼ of L16, and
- 100 percent of EP 412
Bounty will conduct a full technical review as a basis for future work programs.
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