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Empyrean Energy updates on Dempsey exploration as programme continues

“We are delighted that the drilling of the Dempsey well is progressing well and continues to meet its targets," Tom Kelly said

Onshore oil drilling
The well is targeting 1 TCF of potential gas resources

Empyrean Energy PLC (LON:EME) updated investors on the operations on the Dempsey 1-15 well, in the Sacremento basin in California, where it says drilling is going to plan.

The company said it had been informed by operator Sacgasco Limited (ASX:SGC) that surface casing has been set and cemented to a depth of 552 metres, and the rig is presently being prepared to drill ahead into the 12 ⅟4" hole.

Dempsey 1-15 is an exploration well targeting a prospective resource of more than 1 trillion cubic feet of gas across seven stacked reservoirs – the programme involves three drilling phases with separate casing sizes at 600 metres, 2,000 metres and 3,200 metres.

READ: “Exciting time” for Empyrean Energy as Dempsey drilling advances

Tom Kelly, Empyrean chief executive, said: “We are delighted that the drilling of the Dempsey well is progressing well and continues to meet its targets. 

“We look forward to reporting further updates on the drilling progress in due course."

Quick facts: Empyrean Energy PLC

Price: 6.4 GBX

Market: AIM
Market Cap: £30.16 m

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