Business
CORRECTION: Sugarloaf Update
CORRECTION: Sugarloaf Update.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 9550B Empyrean Energy PLC 28 February 2011 \n\nEmpyrean Energy PLC\n(\"Empyrean\" or the \"Company\"; Ticker (EME))\n \nCORRECTION:Sugarloaf Project, (\"Sugarloaf\"), Block B, Texas USA\n \nThe Company makes the following amendments to its announcement released at 07:16 on 28 February 20119 under RNS Number : 9466B: Working Interest in the Direct Assets #1H well is 3%, not 10% as originally stated. All other details remain the same and the full wording of the corrected announcement is reproduced below:\n \n \n28 February 2011\n \nEmpyrean Energy PLC\n(\"Empyrean\" or the \"Company\"; Ticker (EME))\n \nSugarloaf Project, (\"Sugarloaf\"), Block B, Texas USA\n \n \nEmpyrean is pleased to provide the following update on operations at the Sugarloaf Project within the Sugarkane Gas & Condensate Field, Texas.\n \nProduction Data\nThe following wells have been on production for a period of 60 days and Empyrean is pleased to provide the market with an update on the produced volumes during that period:-\n \n\n\n\n\n \n\n\nWorking Interest\n\n\nTotal Gas Production (mmscf)\n\n\nTotal Condensate Production (bbls)\n\n\nAverage Daily Equivalent Oil Rate (boe/d)*\n\n\n\n\nUrrutia #1H\n\n\n3%\n\n\n102.3\n\n\n35,084\n\n\n869\n\n\n\n\nKowalik #1R\n\n\n10.2%\n\n\n90.2\n\n\n28,825\n\n\n731\n\n\n\n\n*The equivalent barrels per day production rate has been calculated on a simple 6:1 ratio. \n \nRemedial operations on Direct Assets #1H well were successful and the well commenced production on 27/01/11 on a restricted choke setting. Over the most recently reported 5 day period the well averaged the following production rates.\n\n\n\n\n \n\n\nWorking Interest\n\n\nAverage Daily Gas Production (mmscf/d)\n\n\nAverage Daily Condensate Production (bbls/d)\n\n\nAverage Daily Equivalent Oil Rate (boe/d)*\n\n\n\n\nDirect Assets #1H\n\n\n3%\n\n\n1.48\n\n\n479\n\n\n726\n\n\n\n\n*The equivalent barrels per day production rate has been calculated on a simple 6:1 ratio. \nDue to the length of time between the fracture stimulation of this well and it being unloaded to sales, some of the pressures created during the stimulation process had bled off into the formation; this is a likely explanation of the lower early production rates observed in this...