Empire will hand over 44,871,795 shares (which will be subject to escrow) to Dr Warris, Trustee for the Warris Family Trust, as consideration for the buyout as well as appointing Wariss to its board as an executive director.
In his 37 years of experience Dr Warris has been credited with the onshore North Perth Basin discoveries of the Mount Horner Oilfield and the Beharra Springs Gasfield and was a director of Nido Petroleum and more recently West Oil.
Gulliver holds a gas discovery and a number of drilling prospects, within two North Perth Basin permits.
Gulliver's North Perth Basin acreage contains a number of prospects with the J1 Prospect being of particular interest. It is very similar but potentially larger than the Mt Horner Oilfield.
The remote Point Torment gas discovery is located up-dip of the Point Torment No 1 well along the Pinnacle Fault Trend from the West Kora No1 Oilfield near Derby, Canning Basin, Western Australia.
