The formal grant of EP 426 received on July 29, 2004 enables the Company to settle the EP 426 Farmin Agreements funding the drilling of the Moriary-1 well in the permit.
The Moriary structure is interpreted as an anticline with the potential to have recoverable reserves, if filled to the spill point, of 5 million barrels of oil in the CEL sands and 5 million barrels in the CEJ sands of the Jurassic-aged Cattamarra Coal Measures.
Encouragement of reservoir and seal and oil sourcing is observed in two nearby early wells. Erregulla-1, located 10 kms to the south of Moriary, recovered 36 barrels of oil from the targeted Jurassic sands. North Erregulla-1, located 5 kms to the north west of Moriary, demonstrates the good reservoir quality of the Jurassic sands with the oil source rocks in the peak oil generating window and interpreted to be generating significant amounts of oil in the Moriary area. Oil generation is also demonstrated by the recovery of 20 gallons of oil from the Triassic and 8 gallons of oil from the Permian sands in the well. Neither of these wells, drilled in 1967, were drilled on structural closure. The Moriary Prospect is similar in structural style to the Mount Horner Oilfield located 30 kilometers to the west. Empire plans to drill the Moriary-1 well in the 4th Quarter, 2004.
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