Last checked at 22 Oct 2010 07:28
22 October 2010
Empyrean Energy PLC
('Empyrean' or the 'Company', (EME))
Hercules Prospect, onshore Texas, USA.
·; BP America A-740 well confirmed as a discovery
·; Compressor installed
·; Well flowing to sales
BP AMERICA A-740 #1 WELL UPDATE
Empyrean Energy Plc is pleased to advise that the operator, Krescent Energy Company LLC ("Krescent"), has turned the BP America A-740 well back to sales following the installation of a compressor.
The well was turned on to sales on 5 October 2010 with a flow tubing pressure of 3500 psi and flow rates have been stable with an average gas rate of 634,000 cubic feet of gas per day (634 Mcf/d) and an additional average oil rate of 26.24 barrels of oil per day (26 bopd) for the last 7 days of production. The rates and pressures are being monitored closely and so far the pressure data is seen as encouraging.
The operator has identified at least three offset well locations for the prospect and work has commenced on two of these to confirm the suitability for these locations to be drilled.
Empyrean has a 10% working interest in this well.
Commenting today Empyrean Executive Director, Tom Kelly said "Empyrean has had a very active 6 months and it is great to see some success at the Hercules Prospect and nice stable early production. This well has not had to be stimulated and is flowing oil and gas at a rate that has gradually improved since the well was brought on."
The information contained in this announcement was reviewed by the Technical Director of Empyrean Energy Plc, Mr Frank Brophy BSc (Hons) who has over 40 years experience as a petroleum geologist.
Contact:
Tom Kelly Empyrean Energy Plc Tel: +618 93216988
Nominated Adviser and Broker:
Shane Gallwey Astaire Securities Plc Tel: +44 (0) 20 7492 4750