Empyrean Energy PLC (LON:EME) told investors that a proposed exploration programme onshore California has been given the green-light.
Project operator Sacgasco Limited (ASX:SGC) has told the company that it has now been granted a drilling permit for the Dempsey 1-15 well, in California’s Sacramento Basin.
Sacgasco is now preparing to drill the well, down to a depth of 10,500 feet, which will target a potential 1 trillion cubic feet of gas.
"Having recently increased our interest in the 1Tcf+ natural gas Dempsey prospect to 30% we are eager for Sacgasco to commence drilling,” said Tom Kelly, Empyrean chief executive.
“The well, which will drill through seven stacked conventional reservoir targets, is now being prepared for drilling and we look forward to providing updates on progress made in the coming weeks.
“This is a very exciting time for Empyrean, having just announced a gas discovery offshore Indonesia with a stabilised flow rate of 10.9 million cubic feet of gas per day, we are looking to build on the momentum behind the company and in the process realise the full potential of our portfolio of high quality assets."
Further updates are anticipated in the coming weeks as Sacgasco moves forward with the well.