Empire Acquires Exploration License
Empire Energy's wholly owned subsidiary Great South Land Minerals (GSLM) has finalized a put and call agreement with MR Associates for the special exploration license 5/2005.
The company has acquired an option to purchase exploration rights on approximately 13,336 square kilometers of property from MR Associates, LLP, a company owned by Michael Roberts. MR Associates has rights, under the special exploration license SEL 5/2005 granted by the Tasmanian government, to conduct exploration for oil and natural gas on approximately 13,336 square kilometers of land adjacent to the license area held by its subsidiary Great South Land Minerals Limited.
MR Associates has also agreed to cancel a farm-in agreement over a portion of Great South Land Minerals license area under which MR Associates held a 95% interest in any discoveries.
Special exploration license, SEL 5/2005 provides exploration rights for hydrocarbons, (excluding oil shale and coal bed methane) in an area covering the majority of the sedimentary basin in the northern part of the island of Tasmania.
Empire Energy Corporation International is an international oil and gas exploration company, operating in Tasmania's central and northern basins.
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Company: Great South Land Minerals more info
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Company: MR Associates more info
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