Empyrean Energy confirms four new gas zones at Dempsey 1-15
Empyrean Energy confirmed the existence of four gas zones in the shallower parts of its Dempsey 1-15 well in Sacramento, California which the company believes will provide enough cash-flow to at least cover the costs of the well, as they had hoped for.
The AIM-listed company said the well's operator, Sacgasco had informed it that four gas zones had been confirmed by wireline and mud logs in sandstones lying between 1,000 and 1,560 metres deep.
Net pay estimates from the logs ranged from 30-50 feet in undrained fault block.
"This is excellent news in any well where you have shallow pay zones logged before you embark on the exciting drilling of significantly larger deeper primary prospects," said Empyrean chief Tom Kelly.
Casing had also been run to a depth of roughly 1,750 metres and was already being cemented in preparation for drilling ahead into the remaining 5-plus interpreted prospective sandstone reservoirs.
The company's shares were flat at 9.25p by 10:01 BST