EMPIRE Oil and Gas NL reports that the terms relating to the farmout to Pilot Energy Limited have been finalised.

Pilot will earn 60% equity in Empire’s onshore South Perth Basin permits EP-416 and EP-480 for a total cash consideration of $450,000, payable in three equal tranches and subject to regulatory approval.

The first two tranche payments have already been received by Empire.

Final Regulatory approval for the renewal of EP 416 has been received from the West Australian Department of Mines & Petroleum, allowing the completion of all stages of the farmout.

This triggers the final $150,000 tranche payment, which now becomes payable to Empire.