viewEmpyrean Energy PLC

Empyrean Energy shares advance on Dempsey well result

It was described by Empyrean as a “very encouraging flow rate”

oil and gas operations
The well flowed 1mln cubic feet of gas per day

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.

Quick facts: Empyrean Energy PLC

Price: 7.85 GBX

Market: AIM
Market Cap: £35.14 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Full interview: ADM Energy CEO to use strong local knowledge to land deals

ADM Energy (LON:ADME) CEO Osamede Okhomina grew up in the UK but knows Nigeria inside out. "It's about knowing how to deal with each tribal culture and getting the best from each negotiation.." says Cambridge-educated Okhomina. ADME is a natural resources investment company but Okhomina would...

10 hours, 24 minutes ago

2 min read