Empire flags Perth Basin survey
Empire Oil & Gas will embark on an aerial geophysical survey of its Perth Basin tenements as part of a ramp-up of exploration over its "highly prospective" acreage.
Empire said this morning it had signed a contract with CGG Aviation (Australia) to survey about 10,000sqkm of its Perth Basin tenements from late March next year to May.
It said the survey data would be used to identify strong exploration leads and prospects for drilling.
"The interpreted results are expected to be available in the September quarter," the company said in a statement.
Empire chief executive Ken Aitken said it would be the first time a survey of such magnitude would be undertaken across the Perth Basin.
"With the ERM transaction approved by Empire shareholders, we are now pushing ahead strongly with our strategy to create value for shareholders through exploration," he said.
"We believe our extensive acreage is highly prospective and this geophysical survey is the next key step to unlocking its full potential."
Under a $15.1 million deal approved by shareholders last week, Empire agreed to buy ERM Power out of the Perth Basin with ERM's stake in Empire doubling to just below 20 per cent via an equity issue.
Empire shares were up 0.1 cent, or 20 per cent, to 0.6 cents at 10.20am.
