(MENAFN- ProactiveInvestors)
Empire Oil and Gas () is starting on an aggressive exploration program for its onshore Perth Basin with a 12775 line kilometre geophysical survey.
The survey will be acquired by CGG Aviation using airborne surveying techniques from late March to
May 2015.
This will be used to identify strong exploration leads and prospects for drilling. The interpreted results are expected to be available the September quarter of 2015.
The survey which is subject to regulatory approval will be flown over the entirety of EPs 368 426 389 440 454 430 480 and 416.
Its Red Gully Gas Plant has produced for over 12 months to September 2014 and has delivered $7.6 million in cash from condensate sales.
In addition gas sales up to September/October 2015 are expected to extinguish the Alcoa pre-payment.
The company is then expected to receive revenue of about $25 million per annum.
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