Business
Margarita Update
Margarita Update.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n Empyrean Energy PLC\n18 June 2007\n\n\n18 June 2007\n\n Empyrean Energy PLC\n ('Empyrean' or the 'Company'; Ticker: (EME))\n\n Project Margarita, Gulf Coast Texas USA\n\n • Gas zone drilled in the Dona Carlota-1, Margarita gas exploration\n project, onshore gulf coast, Texas\n\n AIM quoted Empyrean Energy PLC today announces the following update with\n regards the drilling program at Margarita:\n\n1. DONA CARLOTA PROSPECT\n\n\nDona Carlota-1 has been successfully drilled to a total depth of 1,524 metres. A\ngas show was observed in the primary target Frio 1.33 sand with interpretation\nof the wire line logs indicating a gross gas zone of 13.9 metres and net gas pay\nof 5.6 metres over the interval 1,423.2 to 1,437.1 metres with gas on rock and\nno water. Production casing has been run to enable production testing of the\nwell later in the week.\n\nThe Dona Carlota Gas Field, based on an interpretation of the 3D seismic data,\nhas an estimated recoverable reserve of 0.62 billion cubic feet of gas.\n\n2. AGAVERO PROSPECT\n\nThe truck mounted rig has moved from Dona Carlota-1 to the Agavero Prospect over\nthe weekend to spud Agavero #1.\n\nThe Agavero Prospect is the second of the three prospects that are being drilled\nin the current program which are analogues of historic prolific Frio and\nVicksburg sands production in the project area at <2,000 meters depth. The\ndrilling program is expected to run until the end of July 2007.\n\nAs with the successful initial three well program, tie in of any commercial\ndiscovery made on these prospects will be rapid as the project area is crossed\nby a number of gas pipelines with access rights and available capacity to tie\ninto.\n\nThe prospects have the following mean recoverable gas reserve potential and\ntotal depths;\n\nProspect Name Mean Rec Reserves Total Depth Status\n\nDona Carlota 0.62 bcf 1,524 m Drilled gas discovery\nAgavero 0.70 bcf 1,340 m Drilling\nClimaco 1.60 bcf 1,980 m To be drilled\n\nParticipants in the Margarita Project are:\n\nEmpyrean Energy PLC* 44.00%\nSun Resources NL# 20.00%\nVictoria Petroleum NL# 20.00%\nWandoo Energy LLC + 16.00%\n\n 100.00%\n\n# ASX listed\n* AIM listed\n+ USA Private Interest\n\nThe information contained in this announcement was completed and reviewed by the\nTechnical Director of Empyrean Energy Plc, Mr Frank Brophy BSc (Hons) who h...