Empyrean Energy PLC (AIM:EME) has signed a definitive farm-in agreement for the Wilson River-1 well, in Queensland, Australia.
The definitive terms seal Empyrean’s participation in the project, where drilling is slated to start this month.
For investors, it confirms a potential value catalyst and trading opportunity.
“Empyrean is delighted to be working alongside Condor Energy Services and Chi Oil and Gas to bring together the drilling of Wilson River-1,” chief executive Tom Kelly said.
“We look forward to providing further updates as we get closer to drill."
In London, Empyrean shares were up 7.6% at 0.15p.