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“Exciting time” for Empyrean Energy as Dempsey drilling advances

“This is an exciting time for Empyrean and we look forward to updating our shareholders on the drill progress over the coming weeks."

oil well drilling
It will be a 30-40 day programme

Empyrean Energy PLC (LON:EME) boss Tom Kelly told investors it is an exciting time for the company, as it confirmed that drilling is now underway on the Dempsey 1-15 exploration well.

The well in California’s Sacramento Basin is targeting a possible 1 trn cubic feet of gas resources.

In a statement, Empyrean confirmed that drilling got underway on August 2 and it has so far been drilled down to 230 feet.

WATCH: Empyrean Energy’s recent share price rise tipped to continue

It is expected that the programme, to drill down to 10,000 feet, will take between 30 and 40 days to complete.

“This is an exciting time for Empyrean and we look forward to updating our shareholders on the drill progress over the coming weeks," Tom Kelly said in the statement.

Empyrean owns a 30% stake in the project, which is being operated by Sacgasco Limited (ASX:SGC).

Quick facts: Empyrean Energy PLC

Price: 8.75 GBX

AIM:EME
Market: AIM
Market Cap: £38.76 m
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