LONDON (ShareCast) - (Sharecast News) - Empyrean Energy announced the execution of a conduct and compensation agreement (CCA) for land access to the Wilson River 1 well site in Australia on Tuesday.

The AIM-traded firm said the agreement, secured by Chi Oil and Gas, the operator of the project, was a key milestone in advancing pre-drilling activities.

It said the CCA would govern access to the site and enable the joint venture to proceed with necessary surveys, as well as infrastructure preparations, including upgrading access tracks and preparing the drill pad.

The steps were described as critical precursors to the drilling and testing phases of the Wilson River 1 well.

"The CCA is an important milestone and provides the JV with the necessary land access before and during drilling and testing," said chief executive officer Tom Kelly.

"We look forward to providing shareholders with further progress reports as we step closer to drilling the Wilson River 1 well."

At 1412 GMT, shares in Empyrean Energy were up 2.7% at 0.1p.

Reporting by Josh White for Sharecast.com.

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