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Empyrean updates Sugarloaf prospect


Published May 7, 2009
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Empyrean Energy update on Margarita project-Spotlight

Empyrean Energy provides the following update on operations on Block A which is part of the Sugarkane Gas and Condensate Field:

The operator of Block A, Conoco Phillips, has reported production figures for the month of March 2009 to the TRRC. The production figures show production from the Block A-1 Well (Kunde 3), Block A-3 Well (Baker Trust 1), Block A-4 Well (Baker Trust 2) and the Block A-5 Well (Marlene Olsen). It is believed that the fifth well, the Block A-2 Well (Kunde 2) is presently awaiting production facilities. It is not known how many days production this represents for each well.

Empyrean advises that following drilling and completion operations the daily reporting of operations by the operator ceases once wells move to production status. The general regime for the reporting of production in the USA is that the operator will file monthly production figures to the TRRC. This is usually accompanied by a subsequent notification of that filing to any partners. Revenue notifications and accompanying monthly revenue cheques are received approximately 1.5 months following the production for oil and 2.5 months following the production for gas.

Empyrean Executive Director, Tom Kelly said,"We are pleased with the early production, in particular from the horizontal wells A-1, A-3 and A-4. With the A-2 vertical well to come on to production and further work likely on A-5 vertical well, we expect that production will increase. We are also finally able to confirm that Conoco Phillips is the operator of the Block A wells and having a company of their caliber operating really speaks for itself."

Tags: Empyrean Energy




   

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