Empyrean Energy Plc’s (LON:EME) Dempsey well has moved closer to being drilled, with confirmation that the construction of a drill pad is now complete.
The company’s partner Sacgasco Limited expects the well, in the Sacramento Basin, onshore California, to be spudded for late July.
Tom Kelly, Empyrean Energy's CEO, said: "We are delighted with Sacgasco's news that the drill pad is ready for the Dempsey well.
“This JV owned and operated infrastructure will generate almost immediate cash flow from any gas which is discovered at the location, and combined with low operating costs, makes commerciality threshold for natural gas production at Dempsey very low.
“This, together with our Indonesian and Chinese interests, presents a compelling investment opportunity for Empyrean and our multi-jurisdiction portfolio.
“I look forward to providing further updates on this asset in the near term."