Business
Recommences activity in Block A with Conoco, Texas
Recommences activity in Block A with Conoco, Texas.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6080O Empyrean Energy PLC 23 September 2013 \n \n\n \nEmpyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil & Gas\n23 September 2013\nEmpyrean Energy PLC ('Empyrean' or 'the Company')\nRecommences activity on Block A in participation with ConocoPhillips in the Eagle Ford Shale, Texas \n \nEmpyrean Energy PLC, the profitable US onshore oil, gas and condensate exploration, development and production company with assets in Texas and California, is pleased to announce its participation in two new wells in the Eagle Ford Shale, Texas. This participation is a part of its interest in 'Sugarloaf Block A' operated by Burlington Resources Oil & Gas Company LP ('Burlington') a subsidiary of ConocoPhillips Company ('Conoco'). This recommences the activity in Block A, which is nearby to the Company's flagship Sugarloaf AMI. \n \nThe Baker Trust-4 well ('Baker Trust'), in which Empyrean has an approximate 2.45% working interest, reached an approximate measured depth of 17,948 feet on 28 August 2013 with a lateral length of approximately 5,000 feet. This well is currently awaiting completion. The estimated net drilling cost to Empyrean is US$225,000. Should the well be successful there will be completion and connection costs to follow.\n \nThe Marlene Olson-3 well ('Marlene Olson'), in which Empyrean has an approximate 0.85% working interest, will be drilled to an approximate measured depth of 20,700 feet at an estimated net drilling cost of US$100,000 (excluding completion and connection costs) to Empyrean, with a lateral length of approximately 7,700 feet. The Company has been informed by the operator that the Marlene Olson will commence drilling in the second half of September 2013.\n \nBoth wells are to be completed in the Eagle Ford Shale and are being drilled from the same pad along with a third well that is being completed in acreage that Empyrean has no interest in. Empyrean's interest in these two wells is less than the 7.5% interest it holds in the acreage due to these wells traversing into acreage that Empyrean does not participate in - resulting in Empyrean participating in a pro-rata proportion. An update will be provided as a separate heading under \"Sugarloaf Block A\" in Empyrean's planned quarterly production update for the ...