Empyrean announces significant progress at 1-15 Dempsey Well
Empyrean Energy announced that significant gas shows had been drilled at the 1-15 Dempsey well since the company's last update and that it had now earned its 30% interest.
Empyrean Energy
0.47p
12:49 23/04/24
FTSE AIM All-Share
754.87
17:14 23/04/24
Oil & Gas Producers
9,616.82
16:59 23/04/24
Drilling of the Dempsey 1-15 well had continued below 2,615m to evaluate multiple remaining conventional sandstone reservoir targets in the next 580 metres of drilling, according to the oil and gas outfit.
That had resulted in additional "significant" gas shows in mudlogs, with confirmation pending running of the next wireline logs once the proposed total drilling depth of approximately 3,200m had been reached.
The Dempsey well was drilling at the largest known, yet undrilled, mapped structural closure in the northeastern part of the Sacramento Basin, the company explained in a statement.
Significantly, Empyrean was now deemed to have earned its 30% interest in the Dempsey well and the existig infrastructure on the well lease.
Tom Kelly, Empyrean's chief explained that the several factors were resulting in slow drilling, including having to increase mud weights to keep background gas at bay, hard rock formations and numerous gas shows.
The company's shares were down -6.59% to 10.63p by 10:52 BST.