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Eagle Oil Pool Development Project
Eagle Oil Pool Development Project.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7472A Empyrean Energy PLC 25 March 2013 \n\n25 March 2013\nEmpyrean Energy PLC \n(\"Empyrean\" or the \"Company\"; Ticker: (EME))\n \n \nEagle Oil Pool Development Project, San Joaquin Basin, California, USA\n \n \nIncrease in working interest from 48.5% to 57.2126%\n \nEmpyrean Energy Plc, the AIM listed condensate and gas exploration and production company focused on the Eagle Ford Shale, Texas, USA, is pleased to announce that it has increased it's working interest in the Eagle Oil Pool Development Project (\"Project\") in the San Joaquin Basin, California, USA to 57.2126%.\n \nThe increase in working interest has resulted from previous partner FAR Limited (ASX Code: FAR) deciding to surrender its interest. FAR Limited has stated the reason for surrendering its interest in the Eagle Oil Pool Development Project along with another non-core asset is to focus operations and exploration efforts on its African assets. There is no direct cost associated with the additional working interest other than the nominal costs of assignment and recording. Empyrean will pay a proportionately higher share (57.2126%) of future joint venture costs.\n \nAs previously announced 6 October 2005, an independent expert has estimated that the Eagle Oil Pool Development Project could contain a P50 (probability 50% unrisked) reserve of 7.1 million barrels of recoverable oil and 12.3 billion cubic feet of associated gas, with the P10 assessment estimated at 22.7 million barrels of oil and 22.7 billion cubic feet of associated gas. The Project is a structural-stratigraphic trap play targeting the Eocene aged Gatchell sands. The Project covers approximately 5,160 gross acres with a discovered yet undeveloped oil accumulation. The operator of the Project is TSX-V(SXE) and ASX (SXA) listed Strata X Energy, of Denver, Colorado.\n \nRecent exploration efforts by operators nearby to the Project have targeted other formations including the Kreyenhagen Shale and Monterey Shale. These exploration efforts are being monitored by Strata X Energy to determine if targets in addition to the Gatchell sands should be included in future exploration and testing efforts. The Company currently believes, based on existing results and data, that the Gatchell sands remain the priority target for future testing with ...