Empire Energy announced, along with its wholly owned Australian subsidiary Great South Land Minerals Ltd. (GSLM), that the transportation of the Hunt drill rig to the Bellevue-1 well site is underway. Subject to permit and inspection, the drill rig should be set up and operating by mid-December. Since the pre-drilling has been completed, the Hunt rig is expected to reach four of the seven target zones in the first days of drilling.
The resumption of the drilling was enabled by completion of a recent financing, pledge of additional funding and the planned $9 million rights offering that should allow GSLM to complete drilling of the Bellevue-1 well to its planned full depth of 9,200 feet and to continue to other planned well sites.
The company will issue additional news on its progress at Bellevue shortly as it develops.
Our CEO, Malcolm Bendall stated, "We have completed the first of several anticipated funding transactions which should allow us to complete this well and additional wells. If only 1% of the resource calculated by government geologists to have been generated in the Tasmania Basin has been trapped and is recoverable, we still have a very significant prospective resource of over one billion barrels."
Most Popular Articles
From the Career Center
Jobs that may interest you