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Project Margarita
Project Margarita.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n Empyrean Energy PLC\n05 December 2006\n\n \n\n Empyrean Energy PLC\n ('Empyrean' or the 'Company'; Ticker: (EME))\n \n Project Margarita, Gulf Coast Texas USA\n ---------------------------------------\n\n• Empyrean to earn 44% Working Interest in Project Margarita\n• Shallow well program to commence mid December 2006\n• Deep high impact wells planned for 2007\n \nAIM quoted Empyrean Energy PLC today announces that it has reached agreement \nwith the Wandoo Joint Venture (Sun Resources NL - Victoria Petroleum NL - Wandoo \nEnergy LLC) to earn a 44% Working Interest in Project Margarita, South Texas, \nUSA.\n\nProject Margarita consists of a number of high impact deep prospects and also a \nnumber of lower risk smaller shallow prospects. The partners in Project \nMargarita have agreed to drill six of the shallow prospects first and then move \non to three higher impact deep 30 to 200 BCF gas prospects in mid year 2007.\n\nWandoo Energy LLC ('Wandoo') will oversee the project and associated company\nAurora Resources Corporation ('Aurora') will act as field operator. Wandoo\nand Aurora have a team of highly experienced industry specialists with\nexceptional Gulf Coast Texas experience.\n\nMuch preliminary work has already been completed by the Wandoo Joint Venture,\nincluding the interpretation of 530 km2 of 3D seismic which forms the basis of\nProject Margarita in South Texas. Over 60 leads have been recognised in\nprospective stratigraphic/structural settings at various depths ranging from\n1,000 to 4,000 metres. These leads have been systematically studied, refined and\nhigh graded by further seismic reprocessing and seismic attribute analysis, and\nin the case of the shallow leads, reservoir engineering data from nearby\nproducing analogues has also been used. This has resulted in a prospect\ninventory which has a high probability outcome of success on drilling.\n\nWells are expected to take 8-10 days to reach total depth and be logged with\nanother 2-4 days to run a completion and test if logs are positive. The Initial\nWells program is expected to commence on or about 18 December and run until the\nend of January 2007. The Final Wells program is planned to commence in early\nFebruary 2007 and be of a similar duration to the Initial Wells program.\nDevelopment of any commercial discovery will be a matter of a few month...