Under the deal, Jurassica Oil & Gas has earned a 40% stake in a petroleum permit under application (5/06-76) by agreeing to contribute $640,000 towards drilling Star Finch-1.

It is also entitled to 30% of EP 412, having contributed $600,000 towards the Thornbill-1 well.

Jurassica has until year-end to cough up a further $960,000, which will be used to fund the drilling of Lake MacLeod-1 in EP 439.

Empire as operator has contracted drilling contractors on Australia’s Rig 7 to drill these three wells and another one in EP 6/06-7.

The drilling program will see the Lake Macleod-1 and Star Finch-1 wells, both near the Carnarvon township, drilled consecutively. Afterwards the rig will move further north to drill Thonbill-1, in which Bounty Oil & Gas is also a partner.

The Lake Macleod prospect is estimated to contain up to 150 million barrels of recoverable oil, while Star Finch is believed to have 50 billion cubic feet of recoverable gas reserves.

Even though the Thornbill prospect is considered prospective for oil, Empire said it is considered a gas play with the potential for up to 50Bcf.