Empire has mapped the Moriary structure as an anticline with the potential to have recoverable reserves of five million barrels of oil in both the L and J sands of the Cattamarra Coal Measures.
Moriary is thought to be structurally very similar to the Mount Horner Oilfield located about 25km west, which produces oil from similar aged sandstones as targeted in Moriary-1.
The June placement of 240,000,000 shares at 0.6 cents per share to raise $1,440,000 was also designed to re-commence oil production from Empire’s 100% owned Rough Range 1B Oilfield in the Exmouth Sub Basin with a new production facility design.
Empire, along with the EP104/R1 Joint Venture, has also entered into an agreement with LNG International to supply six million cubic feet of gas per day. The JV currently operates the Point Torment-1 gas discovery but will aim to top up its resources with the Stokes Bay-1 well in the canning Basin, which has potential recoverable reserves of 80 billion cubic feet of gas and 10 million barrel of oil.
