Pannonian International Ltd, a wholly owned subsidiary of U.S.-based Galaxy Energy Corporation (OTC BB: GAXI) are the Operator of the project and have advised that drilling through the conductor pipe commenced on November 29th.
The Neues Bergland permit is located close to Frankfurt in Germany and contains the Pfalzer Anticline which is a 515 square kilometer structure containing deep anthracitic coal beds. The coal beds, too deep to mine economically, have been estimated by an independent expert to have generated several hundred trillion cubic feet ("TCF") of gas, with a recoverable gas potential of up to 6.2 TCF in the first drilling prospect alone.
The primary objective of the Glantal-1 well is to test seal integrity of sediments that overlay the massive Pfalzer Anticline and then assess the potential entrapment of gas in three targeted thrust sheets that have been interpreted to host potential gas reservoirs. It is anticipated that the full drilling program will take approximately forty five days to reach total depth with testing of the three targeted thrust sheets and results available in Q1 2006.
Commenting, from the Glantal-1 well drill site, Chris Lambert, Executive Director, said: "As we clearly stated on admission to AIM, testing the seal integrity at Glantal-1 in Germany is of prime importance to the project. It is not often that a small company, such as Empyrean, gets the chance to drill a prospect with the potential rewards the Glantal Gas Project offers. In addition to today's news Empyrean continues to develop it's portfolio in the United States as we work to appraise the Eagle Oil Pool Development Project in California with drilling scheduled for late December or early January."
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