Dec 16 (Reuters) - Empire Energy Group Ltd EEG.AX :
* Update on farm-out agreement with American energy EEG.AX
* Says imperial is to receive an upfront cash payment of us$7.5million to offset expenditure undertaken to date
* Under terms of letter of intent, termination date for the execution of the definitive agreements is four months from August 17
* Over phase one period aegp will maintain tenements in good standing with estimated expenditure requirement of up to US$15 million over first 2 years
* Source text for Eikon ID:nASX50rkhp