Shareholders in Empyrean Energy (AIM: EME) can never complain that the company doesn’t release enough updates! With interests in multiple field developments in the United States, Empyrean Energy releases oodles of updates. And today was no different, with the oil and gas exploration and production company announcing that the A4 well, on Sugarloaf Block A in Texas had reached total depth. Empyrean Energy has a 7.5% working interest in the A4 well.
Texas Crude Energy Inc is the operator of Sugarloaf Block A, and reported that the horizontal well on well A4 had reached a total depth of 15,084 feet. During the drilling, high gas readings were reported, and several gas flares “prompted” Texas Crude to call total depth earlier than first anticipated – allowing the well to come in under budget and ahead of schedule.
Texas Crude added that it believed the gas observations from a 1500 foot interval suggested “sufficient encouragement to provide for a good commercial outcome”.
The well will now be cased and put on production testing.
"The gas readings and flares provide great encouragement for Empyrean on this well. We look forward to the testing in due course”, stated Tom Kelly, Executive Director of Empyrean Energy.
Shares in Empyrean Energy climbed 5%.