Managing director Craig Marshall outlined plans to drill the 557bcf prospect in May with UK partners, CalEnergy, and farm down to a 40% position in the permit, EP389.

Marshall leaves for Europe over the weekend to place the 60 million shares with investors, no doubt buoyed by the recent string of successes in the Perth Basin with Beharra Springs, Hovea and most recently, Cliff Head.

Marshall said the dry hole budget for the well was $4.2 million and a further $1.5 million in completion costs. He estimated a net present value of $220 million, discounting it 10%. Empire is currently capped slightly under $5.5 million.

Tolhurst Noall broker, Rex Turkington, said any pipeline capital costs to get the gas into the nearest high pressure pipeline, only 1.2 kilometres away, would be debt funded by the economics of the discovery.