Proactiveinvestors United Kingdom Empyrean Energy PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Empyrean Energy PLC RSS feed en Thu, 23 May 2019 03:55:10 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Further Exploration Risk Mitigation on China Block ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20190515070007_14074019/ Wed, 15 May 2019 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20190515070007_14074019/ <![CDATA[RNS press release - Mako Gas Field appraisal & drill programme ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20190429070015_14054545/ Mon, 29 Apr 2019 07:00:15 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20190429070015_14054545/ <![CDATA[RNS press release - First Completion of Reduction of Duyung Interest ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20190417070003_14043830/ Wed, 17 Apr 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20190417070003_14043830/ <![CDATA[RNS press release - Plan of Development Approval for Mako Gas Field ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20190311070008_13996451/ Mon, 11 Mar 2019 07:00:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20190311070008_13996451/ <![CDATA[RNS press release - Reduction of Interest in Duyung for Cash & Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20190211070005_13964085/ Mon, 11 Feb 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20190211070005_13964085/ <![CDATA[News - Empyrean Energy reveals findings of Mako resource report ]]> https://www.proactiveinvestors.co.uk/companies/news/212963/empyrean-energy-reveals-findings-of-mako-resource-report-212963.html Empyrean Energy PLC (LON:EME) on Monday revealed the findings of an independent oil resource assessment for the Mako gas project in Indonesia.

A report by Gaffney Cline & Associates detailed contingent gas of 276bn cubic feet, recoverable dry gas, and, some 392bn cubic feet of gross resources.

Additionally, the company noted that exploration targets have been identified beneath the Mako field, including the high priority Tambak prospect which has been described as having “potential to be up to twice the size of the existing Mako gas field discovery”.

READ: Monday’s stock market movers report

Empyrean chief executive Tom Kelly highlighted that the report is “a tremendous endorsement” of the project.

“More work on a given field-whether drilling operations, technical maturation, or administrative progress (such as gas commercialisation and securing access to necessary infrastructure)-reduces risk, removes uncertainty and allows for more accurate appraisal and valuation,” Kelly said.

He added: “Rarely do you get such a unique mix of low risk appraisal coupled with a potentially high reward exploration target under an advantageous structure.”

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Mon, 21 Jan 2019 09:47:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212963/empyrean-energy-reveals-findings-of-mako-resource-report-212963.html
<![CDATA[RNS press release - Independent Resource Audit of Mako Gas Field ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20190121072505_13940869/ Mon, 21 Jan 2019 07:25:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20190121072505_13940869/ <![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20181221084855_13912946/ Fri, 21 Dec 2018 08:48:55 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20181221084855_13912946/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20181206122601_13894401/ Thu, 06 Dec 2018 12:26:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20181206122601_13894401/ <![CDATA[RNS press release - A £1 Million Placement ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20181116081120_13869835/ Fri, 16 Nov 2018 08:11:20 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20181116081120_13869835/ <![CDATA[News - Empyrean Energy reveals estimate upgrade for China prospects ]]> https://www.proactiveinvestors.co.uk/companies/news/208904/empyrean-energy-reveals-estimate-upgrade-for-china-prospects-208904.html Empyrean Energy PLC's (LON:EME) Pearl River Mouth Basin asset in China, has been estimated to contain 884mln barrels of oil potential.

The new estimate was produced by Gaffney, Cline & Associates (GCA). It covers the Jade, Topaz and Pearl prospects, and, it represents a 9% upgrade from a prior estimate of 814mln barrels.

READ: Canada’s US$1.3bn exploration boost bodes well for Ireland’s nascent oil frontier

GCA also estimated a Geological Chance of Success of Jade and Topaz prospects, at 32% and 30% respectively.

"The independent review of three prospects, recently undertaken by GCA, is very encouraging and supports the work undertaken internally by Empyrean,” said Tom Kelly, Empyrean chief executive.

“It is particularly pleasing to see that the Jade and Topaz prospects are expected to have close to a 1-in-3 chance of geological success and over a billion barrels of potential oil-in-place, combined, on a P10 basis un-risked.”

Kelly added: “By industry standards, these numbers are excellent.

“The work done by GCA certainly supports Empyrean's view on the potential size and attractiveness of these prospects.

“We are excited by the increased potential of Block 29/11 and of the attractive GCoS of our two main prospects, in particular.

“We made a determined effort to secure Block 29/11 in 2016 and have made a significant investment and commitment. It is pleasing to see independent expert validation of a major component of our work so far as we work towards unlocking value for our shareholders.”

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Fri, 09 Nov 2018 07:54:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208904/empyrean-energy-reveals-estimate-upgrade-for-china-prospects-208904.html
<![CDATA[RNS press release - Independent Oil in-place Estimates for Block 29/11 ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20181109073001_13861407/ Fri, 09 Nov 2018 07:30:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20181109073001_13861407/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20181004094630_13816449/ Thu, 04 Oct 2018 09:46:30 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20181004094630_13816449/ <![CDATA[RNS press release - Petroleum Contract for Block 29/11 signed ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20181001084040_13810691/ Mon, 01 Oct 2018 08:40:40 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20181001084040_13810691/ <![CDATA[RNS press release - Result of Annual General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180905122054_13779993/ Wed, 05 Sep 2018 12:20:54 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180905122054_13779993/ <![CDATA[RNS press release - Company Presentation ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180905093836_13779591/ Wed, 05 Sep 2018 09:38:36 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180905093836_13779591/ <![CDATA[RNS press release - Third-party Independent STOIIP Audit, Block 29/11 ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180905070005_13778846/ Wed, 05 Sep 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180905070005_13778846/ <![CDATA[RNS press release - Alvares 1 Testing and Operations Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180830070012_13772245/ Thu, 30 Aug 2018 07:00:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180830070012_13772245/ <![CDATA[RNS press release - IRS Tax Refund ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180813073838_13752609/ Mon, 13 Aug 2018 07:38:38 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180813073838_13752609/ <![CDATA[RNS press release - Posting of Annual Report and Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180810070004_13750685/ Fri, 10 Aug 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180810070004_13750685/ <![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180806070006_13744118/ Mon, 06 Aug 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180806070006_13744118/ <![CDATA[News - Empyrean Energy sees volatile trading on Mako gas project update ]]> https://www.proactiveinvestors.co.uk/companies/news/202190/empyrean-energy-sees-volatile-trading-on-mako-gas-project-update-202190.html Investors in Empyrean Energy Plc (LON:EME) saw volatile trading in Friday’s early deals after it updated on the Mako gas project in Indonesia.

In a statement, it said that the plan of development for the Mako Gas Field had now been submitted to the Indonesian oil and gas regulator, SKKMigas.

It also inked a preliminary deal with a regional gas buyer for a potential sale of all Mako gas.

READ: Empyrean Energy due US$1.3mln of tax refunds

An accredited consultant Lemigas has been hired to certify reserves, and, the company noted that concurrently Conrad Petroleum has completed an internal, preliminary estimate which sees 373bn cubic feet of contingent gas resources.

Lemigas has certified 152.3bn cubic feet of gas based only on the Mako South-1 gas well, and, further appraisal wells are planned.

"The extent and excellence of work completed by Conrad in conjunction with Lemigas are extremely pleasing,” said Tom Kelly, Empyrean chief executive.

“To reach submission of the POD to SKKMigas within 12 months of making a significant gas discovery is a credit to the Conrad team and Lemigas.

“Adding further excitement in the form of a high impact exploration target in Mako Deep on top of 373Bcf of 2C Contingent Resources, recoverable from the Mako Gas Field is really making the Duyung PSC an excellent asset for Empyrean and its co-shareholder in WNEL, Conrad."

Having advanced some 10% in opening deals, Empyrean shares subsequently saw negative levels and shortly after 9:00 am were down 4.5% changing hands at 8.5p.

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Fri, 03 Aug 2018 09:17:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/202190/empyrean-energy-sees-volatile-trading-on-mako-gas-project-update-202190.html
<![CDATA[RNS press release - Operations Update from Mako Gas Discovery ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180803074613_13742800/ Fri, 03 Aug 2018 07:46:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180803074613_13742800/ <![CDATA[RNS press release - Natural Gas Sales Commence At Dempsey ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180718071625_13722025/ Wed, 18 Jul 2018 07:16:25 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180718071625_13722025/ <![CDATA[News - Empyrean Energy due US$1.3mln of tax refunds ]]> https://www.proactiveinvestors.co.uk/companies/news/200927/empyrean-energy-due-us13mln-of-tax-refunds-200927.html Empyrean Energy Plc (LON:EME) told investors that it is due tax refunds totalling US$1.3mln.

It has now received a £298,816.50 payment from HM Revenue and Customs as a refund from tax paid in 2016.

READ: Empyrean Energy shares drop despite Dempsey production plans

The company also noted that it has been informed by the IRS that a tax refund of US$905,805 is due to be processed later this month.

“The proceeds from HMRC and the IRS will assist the Company's ongoing working capital requirements,” the company said in a statement.

“The company will provide an update when the US Tax Refund has been received and cleared to Empyrean's bank account.”

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Tue, 17 Jul 2018 08:23:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/200927/empyrean-energy-due-us13mln-of-tax-refunds-200927.html
<![CDATA[RNS press release - Tax refunds totalling $1.3 million ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180717073705_13720295/ Tue, 17 Jul 2018 07:37:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180717073705_13720295/ <![CDATA[RNS press release - Oil Migration Study Completed - Block 29/11 ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180618075001_13683041/ Mon, 18 Jun 2018 07:50:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180618075001_13683041/ <![CDATA[RNS press release - 31% Uplift in Prospective Resources in Block 29/11 ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180606070010_13668358/ Wed, 06 Jun 2018 07:00:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180606070010_13668358/ <![CDATA[News - Empyrean Energy shares drop despite Dempsey production plans ]]> https://www.proactiveinvestors.co.uk/companies/news/197531/empyrean-energy-shares-drop-despite-dempsey-production-plans-197531.html Empyrean Energy Plc (LON:EME) shares slumped despite telling investors that the Dempsey well will produce commercial gas flows.

The company said in a statement that the well is due to produce at a rate of 1.2mln cubic feet per day as a combined flow from zones 2, 3, and 4.

It expects the well to generate cash flow from the production “very shortly” and noted that multiple options being pursued to further develop Dempsey.

READ: Empyrean Energy shares advance on Dempsey well result

Next, the company intends to work on the Alvares structure in the third quarter of 2018.

"Thanks to the close proximity of existing infrastructure owned by the JV, the Dempsey Well can be connected to the sales pipeline in an expedited timeframe,” said Tom Kelly, Empyrean chief executive.

“With production of commercial gas flows at 1,200 mcf per day imminent, we look forward to reaping the benefit from this early cash flow as one of the JV partners with a 30% working interest.”

Kelly added: “Additionally, there is significant upside potential from nearby wells where plans are in place to connect four idle wells into the grid to further increase production and cash flow. 

“We also look forward to providing further updates on the Alvares 1 wellbore, where Sacgasco is planning to commence activities in Q3 2018."

Empyrean shares were down 2p or 15.8% changing hands at 10.69p.

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Wed, 23 May 2018 09:56:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/197531/empyrean-energy-shares-drop-despite-dempsey-production-plans-197531.html
<![CDATA[RNS press release - Commercial gas flows at ~1,200 mcfpd from Dempsey ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180523070011_13651316/ Wed, 23 May 2018 07:00:11 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180523070011_13651316/ <![CDATA[News - Empyrean Energy shares advance on Dempsey well result ]]> https://www.proactiveinvestors.co.uk/companies/news/196550/empyrean-energy-shares-advance-on-dempsey-well-result-196550.html Empyrean Energy Plc (LON:EME) shares advanced after releasing a statement confirming what it described as ‘commercial gas flows’ at the Dempsey well in the Sacramento basin, onshore California.

The well tested at a rate of 1mln cubic feet of gas per day from the Kione Zone in the Dempsey well.

It was described as a “very encouraging flow rate” and the company highlighted that it was “water free natural gas”.

READ: Empyrean Energy set to resume Dempsey well testing

"A commercial gas flow from this particular Kione sand is positive news for the Dempsey Well and the JV partners,” said Tom Kelly, Empyrean chief executive.

“With preparations underway to test Zone 4 and adding any resulting gas flows together with flows from all zones tested to date, Dempsey is shaping up to provide the JV with early cash flow.

“Infrastructure connected to the well will expedite the timeframe from discovery to gas sales and cashflow. The JV is retaining plenty of flexibility with regards to future testing and production alternatives."

Empyrean shares were up 1.02p or 8.3%, changing hands at 12.38p.

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Tue, 08 May 2018 10:19:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/196550/empyrean-energy-shares-advance-on-dempsey-well-result-196550.html
<![CDATA[RNS press release - Commercial Gas Flows From Dempsey ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180508070009_13631772/ Tue, 08 May 2018 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180508070009_13631772/ <![CDATA[RNS press release - Holdings in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180503091038_13628650/ Thu, 03 May 2018 09:10:38 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180503091038_13628650/ <![CDATA[RNS press release - Dempsey Testing Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180416072504_13604833/ Mon, 16 Apr 2018 07:25:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180416072504_13604833/ <![CDATA[RNS press release - Dempsey Testing Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180312071002_13562458/ Mon, 12 Mar 2018 07:10:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180312071002_13562458/ <![CDATA[News - Empyrean Energy set to resume Dempsey well testing ]]> https://www.proactiveinvestors.co.uk/companies/news/192836/empyrean-energy-set-to-resume-dempsey-well-testing-192836.html Empyrean Energy Plc (LON:EME) told investors that testing operations are due to resume on the Dempsey well in California’s Sacramento basin.

Production testing will restart later this month, following a review of all existing results and data.

READ: Empyrean Energy: Gas production starts at Dempsey well

In the new programme, the company intends to test shallower zones which had extensive gas shows and higher porosity - and therefore are seen to have a better chance of flowing hydrocarbons without stimulations.

"We look forward to testing operations re-commencing at Dempsey following an extensive technical review process,” said chief executive Tom Kelly.

“We have worked closely with Sacgasco, the operator of the well, to review the existing data, results and views of independent consultants.

Kelly added: “We are delighted to have reached consensus on forward operations that allow imminent testing of further prospective zones whilst maintaining the flexibility to revisit any zone at a later date to produce, re-evaluate or stimulate if required.

“Shareholders should note that Empyrean believes that testing these zones higher up in the well before any plan to fracture stimulate a deeper zone (or any zone for that matter) may provide a better chance of commercial gas flows and is a more logical next step now that we are able to stimulate at a later date if needed.”

Empyrean  also noted that its Californian partner is working on an application to allow stimulation of zones in the Dempsey well in the future.

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Thu, 08 Mar 2018 09:12:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/192836/empyrean-energy-set-to-resume-dempsey-well-testing-192836.html
<![CDATA[RNS press release - Dempsey Production Testing to Resume ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180308071501_13559362/ Thu, 08 Mar 2018 07:15:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180308071501_13559362/ <![CDATA[RNS press release - Exercise of Options ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180220144502_13539700/ Tue, 20 Feb 2018 14:45:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180220144502_13539700/ <![CDATA[RNS press release - Grant of Options and PDMR Notification ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180130104502_13514410/ Tue, 30 Jan 2018 10:45:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180130104502_13514410/ <![CDATA[News - Empyrean Energy: Gas production starts at Dempsey well ]]> https://www.proactiveinvestors.co.uk/companies/news/190154/empyrean-energy-gas-production-starts-at-dempsey-well-190154.html Empyrean Energy Plc (LON:EME) told investors that gas production and sales has begun from the Dempsey well, in the Sacremento basin onshore California.

The well, which is 30% owned by Empyrean, is flowing gas at a rate of 140 thousand cubic feet of gas per day.

READ: Empyrean Energy hits main target in Dempsey well, more ‘significant’ gas shows

An application process is underway for the permitting of the enhanced reservoir stimulation of the well is proceeding as planned, and it expects stimulation operations expected in the first quarter of 2018.

Milestone

"This is a milestone achievement and with production and gas sales now underway at Dempsey 1-15 crucial data on the quality of the reservoir will now be collated ahead of fracture stimulating this zone,” said Tom Kelly, Empyrean chief executive.

“We have been informed by Sacgasco, the operator of the well, that the fracture stimulation planning and permitting has commenced in earnest and is proceeding smoothly with a view to commencing during the first quarter of 2018.

“I look forward to providing further updates as they become available."

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Wed, 17 Jan 2018 08:02:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/190154/empyrean-energy-gas-production-starts-at-dempsey-well-190154.html
<![CDATA[RNS press release - Production & Sales from Dempsey Well Commences ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180117070005_13498808/ Wed, 17 Jan 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20180117070005_13498808/ <![CDATA[RNS press release - Director Retirement ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20171213071419_13463548/ Wed, 13 Dec 2017 07:14:19 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20171213071419_13463548/ <![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20171212151508_13462806/ Tue, 12 Dec 2017 15:15:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20171212151508_13462806/ <![CDATA[RNS press release - Dempsey and Sacramento Basin Q&A report ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20171211094617_13460575/ Mon, 11 Dec 2017 09:46:17 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20171211094617_13460575/ <![CDATA[RNS press release - Dempsey 1-15 well production update ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20171208075748_13458810/ Fri, 08 Dec 2017 07:57:48 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20171208075748_13458810/ <![CDATA[RNS press release - Dempsey Gas well update ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20171204073830_13452433/ Mon, 04 Dec 2017 07:38:30 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20171204073830_13452433/ <![CDATA[News - Empyrean Energy shares drop as Dempsey well test disappoints ]]> https://www.proactiveinvestors.co.uk/companies/news/187222/empyrean-energy-shares-drop-as-dempsey-well-test-disappoints-187222.html The latest update from Empyrean Energy Plc’s (LON:EME) Dempsey well, onshore California, has disappointed investors, with a test in one interval showing a sub-commercial gas flow rate.

Empyrean told investors that the lowest zone in the Dempsey 1-15 well was a thin sand with poor reservoir characteristics, it flowed clean dry natural gas with no water but the gas flowed below the commercial threshold (based on current gas prices).

READ: Empyrean Energy hits main target in Dempsey well, more ‘significant’ gas shows

Nonetheless, Empyrean chief executive said the company remains optimistic about the potential of the remainder of the Dempsey well as more tests are planned for the other zones encountered in the well.

Flow testing operations are continuing as planned, Empyrean added.

The Dempsey well encountered stacked reservoirs, and pre-test estimates put the project’s potential prize between 116 and 352 billion cubic feet of gas based on all zones being ‘full’ of gas.

READ: Empyrean Energy says China seismic exploration has exceeded expectations

The project is located in close proximity to gas infrastructure which, in theory, means that the commercial threshold should be lower for new discoveries and successful testing could lead to an accelerated development into cash generative production.

Empyrean Energy shares dropped around 14% in afternoon deals, changing hands at 18.12p each.

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Tue, 14 Nov 2017 09:32:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/187222/empyrean-energy-shares-drop-as-dempsey-well-test-disappoints-187222.html
<![CDATA[RNS press release - Dempsey Gas Well Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20171114072806_13430519/ Tue, 14 Nov 2017 07:28:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20171114072806_13430519/ <![CDATA[RNS press release - Dempsey Gas Well Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20171101071232_13416081/ Wed, 01 Nov 2017 07:12:32 +0000 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20171101071232_13416081/ <![CDATA[RNS press release - Dempsey Gas Well Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20171019074501_13402016/ Thu, 19 Oct 2017 07:45:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/316/LSE20171019074501_13402016/