Empyrean, Partners Spud 'Project Margarita' Well in South Texas
Empyrean Energy PLC reported that drilling has commenced on the El Viejito Prospect on Project Margarita, South Texas, USA. El Viejito #1 is the first of a six well, back to back, drilling program on shallow gas prospects (less than 2,000 meters depth) with up to 8 to 10 billion cubic feet ("BCF") of gross potential outcome.
The shallow prospects to be drilled are analogues of historic prolific Frio and Vicksburg sands production in the project area at less than 2,000 meters depth. This program is a precursor to commencement of a drilling program on more substantial individual deep 30 to 200 BCF gas potential prospects forecast to commence mid year 2007.
Operations on El Viejito #1 at 07.00 hours Australian WST, Thursday 21 December 2006, was running 8 5/8" surface casing at 630 feet (192 meters) in vertical hole. On completion of this operation a Christmas break will ensue and it is planned to drill ahead on December 26th in 7 5/8" hole to basal Frio and Vicksburgh targets and final depth of 6,200 feet (1,920 meters) where the hole will be logged and a decision will be made to run 4 1/2" casing and test target zones of interest. A further update will be made on completion of the well in the New Year.
Participants' interests on completion of each of the wells in the program are:
- Empyrean Energy PLC, 44.00%
- Sun Resources NL, 20.00%
- Victoria Petroleum NL, 20.00%
- Wandoo Energy LLC, 16.00%
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