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Sugarloaf Block A - Update
Sugarloaf Block A - Update.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n Empyrean Energy PLC\n17 April 2008\n\n\n\n Empyrean Energy PLC\n ('Empyrean' or the 'Company'; Ticker: (EME))\n\n Sugarloaf Block A, Texas USA\n ------------------------------\n\n- Flow testing of the TCEI JV Block A-3 well continues successfully.\n- Flow rates have increased by approximately 20% since testing began\n to the most recent rate of 7.8 million cubic feet of gas equivalent per day.\n\nEmpyrean, the AIM listed energy company with exploration and production\nassets in Germany and USA today announces the following initial test\nresults from its TCEI JV Block A-3 well on Block A at the Sugarloaf\nProject in Texas:\n\nInitial flow testing of the TCEI JV Block A-3 continues and since the\nlast report the operator has successfully collected pressure and other\ndata measurements from the well. The well was then opened back to flow\nand the operator has increased the choke size incrementally to 14/64'.\nAs of the latest report the well was flowing at approximately 2.2\nmmcfgpd (million cubic feet gas per day) with over 560 bcpd (barrels of\ncondensate per day) and nil bwpd (barrels of water per day) with a FTP\n(Flow Tubing Pressure) of around 2500 psi (it is normal for FTP to drop\nas the choke size increases).\n\nOn the present day prices for condensate and gas whilst converting the\ncondensate to a gas equivalent, the most recent recorded equivalent gas\nflow rate exceeds (using a 10:1 conversion) 7.8 mmcfepd (million cubic\nfeet gas equivalent per day).\n\nCommenting today, Empyrean Executive Director Tom Kelly said 'So far\nthis well is exceeding our expectations from an open hole test without\nstimulation. Importantly the pressures are excellent for the rates of\nflow recorded. Condensate is making up over 70% of the flow in terms of\nvalue, and with the oil price reaching record highs this condensate to\ngas ratio is healthy for the economics of the project.'\n\nThe information contained in this announcement was completed and\nreviewed by the Technical Director of Empyrean Energy Plc, Mr Frank\nBrophy BSc (Hons) who has over 40 years experience as a petroleum\ngeologist.\n\n\nFor further information:\n\nEmpyrean Energy plc\nTel : +44(0) 207 182 1746\n\nRod Venables / Cecil Jordaan\nHB Corporate\nTel: +44(0) 207 510 8600\n\nJonathan Charles / Ed Portman\nConduit PR\nTel: +44 (0) 207 429 6611 / +44 (0) 7791 892 509\n\...