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Emperor Energy extends completion date for Cyrano sale

Cyrano is an 81 square kilometre permit located offshore Western Australia in the Carnarvon Basin.

Emperor Energy Ltd - Emperor Energy Ltd extends completion date for Cyrano sale
The company has also been progressing plans to develop and offshore gas operation in the Bass Strait

Emperor Energy Ltd (ASX:EMP) has agreed with the buyer to extend the sale completion date for the Cyrano offshore oil and gas lease.

Emco Capital Pty Ltd is buying the Cyrano lease for $325,000 and Emperor will retain a royalty of 50 cents per barrel of oil equivalent produced from the lease.

The buyer may also purchase the royalty within 48 months for $1.5 million.

The sale agreement first detailed in September 2019 has been lodged for approval with the Department of Mines, Industry Regulation and Safety, Western Australia (DMIRS).

Both parties acknowledge the approval is unlikely to be granted prior to 31 December 2019 and have therefore agreed to extend the completion date to 25 January 2020.

Judith Gas Field in Bass Strait

Proactive caught up with the company for an update in November to discuss its recent signing of an MOU with leading energy infrastructure company APA Group (ASX:APA).

Quick facts: Emperor Energy Ltd

Price: 0.02 AUD

Market: ASX
Market Cap: $1.63 m

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