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Multi Project Farm-In, Sacramento Basin,California
Multi Project Farm-In, Sacramento Basin,California.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1585F Empyrean Energy PLC 15 May 2017 \n\nThis announcement contains inside information\n \nEmpyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas\n \nEmpyrean Energy PLC (\"Empyrean\" or the \"Company\")\n \nMulti Project Farm-In in Sacramento Basin, California\n \n· Farming in to a portfolio of multi-trillion cubic feet ('TcF') gas projects onshore USA - fits strategy to build a robust exploration portfolio with both onshore and offshore assets which is geographically diverse\no 25% of Dempsey Prospect, targeting 1 Tcf conventional gas, to be drilled Q3 2017\no 10% of Alvares Appraisal Prospect, targeting 2 Tcf gas\no 25% of Dempsey Trend AMI, including at least three large Dempsey style follow up prospects\n· Package includes extensive geological database including access to 2D & 3D seismic, existing surface infrastructure and some minor production\n \nEmpyrean is pleased to announce that it has entered into an agreement with Sacgasco Limited (ASX: SGC) (\"Sacgasco\"), a Sacramento Basin-focused natural gas developer and producer, to farm-in to a package of gas projects in the Sacramento Basin, onshore California (the \"Farm-In\"). The package includes two mature, multi-Tcf gas prospects, 'Dempsey' and 'Alvares', and an Area of Mutual Interest (the \"Dempsey Trend AMI\") that includes at least three already identified, large Dempsey-style follow up prospects. Having recently acquired interests in two offshore Asian oil and gas assets, this agreement diversifies the Company in terms of its geographical focus, and adds an onshore asset to its portfolio. \n \nDempsey\n \nDempsey is a large structure mapped with 3D seismic and interpreted by Sacgasco to have the potential to hold a prospective resource of over 1 Tcf of gas in up to seven stacked target reservoirs. The Company plans to commence a 3,200 metre (~10,500 feet) combined appraisal and exploration well, Dempsey-1, in Q3 2017 to evaluate this prospect. The proposed Dempsey-1 well cross-section will be available within the version of the announcement uploaded to the Company's website. \n \nAside from compelling technical merit, the Dempsey-1 well location sits next to existing gas metering and surfac...