Empyrean Energy to Earn Stake in Project Margarita
Project Margarita consists of a number of high impact deep prospects and also a number of lower risk smaller shallow prospects. The partners in Project Margarita have agreed to drill six of the shallow prospects first and then move on to three higher impact deep 30 to 200 BCF gas prospects in mid year 2007.
Wandoo Energy LLC will oversee the project and associated company Aurora Resources Corporation will act as field operator. Wandoo and Aurora have a team of highly experienced industry specialists with exceptional Gulf Coast Texas experience.
Much preliminary work has already been completed by the Wandoo Joint Venture, including the interpretation of 530 km2 of 3D seismic which forms the basis of Project Margarita in South Texas. Over 60 leads have been recognized in prospective stratigraphic/structural settings at various depths ranging from 1,000 to 4,000 meters. These leads have been systematically studied, refined and high graded by further seismic reprocessing and seismic attribute analysis, and in the case of the shallow leads, reservoir engineering data from nearby producing analogues has also been used. This has resulted in a prospect inventory which has a high probability outcome of success on drilling.
Wells are expected to take 8-10 days to reach total depth and be logged with another 2-4 days to run a completion and test if logs are positive. The Initial Wells program is expected to commence on or about December 18th and run until the end of January 2007. The Final Wells program is planned to commence in early February 2007 and be of a similar duration to the Initial Wells program. Development of any commercial discovery will be a matter of a few months as the project area is crossed by a number of gas pipelines with access rights and capacity available to tie into.
Commenting today, Empyrean's Commercial Director Tom Kelly said "Empyrean is delighted to be working with The Wandoo Joint Venture participants on Project Margarita and we feel the project has a very good balance of higher risk high impact prospects that will be drilled in 2007 following the drilling of the lower risk shallow prospect program commencing mid way through this month."
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- Analyst Says USA Influence on Middle East Seems to be Fading
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally