Emperor Energy Ltd (ASX:EMP) has successfully completed the sale of the Cyrano offshore oil and gas lease offshore Western Australia in the Carnarvon Basin.
The sale price is $325,000 with a royalty of 50 cents per barrel of oil equivalent of petroleum products produced and recovered from the title area.
The buyer may also purchase the royalty within 48 months for $1.5 million.
The Cyrano lease has a contingent resource (2C) of 3.01 million barrels of oil (MMbbl) with additional prospective resources (P50) estimated at 0.928 MMbbl.
The sale agreement first detailed in September 2019 had been lodged for approval with the Department of Mines, Industry Regulation and Safety, Western Australia (DMIRS).