Empyrean provided the following update on production and operations on Block B at the Sugarloaf Project:
This well was the first to be brought online following stimulation and has been on continuous production since January 29, 2010, it has not yet had production tubing installed.
This well has been on continuous production since February 16, 2010 and has not yet had production tubing installed. The 60 day gross production has been estimated to allow comparisons to be made.
^equivalent gas rates have been calculated using an industry standard 12:1 conversion of oil to gas and an uplift to the gas volume of 25% representing the high calorific content of the gas.
*this figure is based on 57 days data and 3 days extrapolation based on the decline observed in the last day of reported data.
On March 25, 2010 Empyrean reported 30 day average production figures (calculated on the same basis) and these were: Weston-1H - 11.5 mmscfe/d and Kennedy-1H - 11.7 mmscfe/d.
By comparison the Petrohawk announcement released on 01/02/10 had a 30 day average from 19 wells in its Hawkville Field at 7.8 mmscfe/d and a 60 day average from 18 wells at 6.6 mmscfe/d when calculated on a 12:1 basis.
Sugarloaf Project Fracture Stimulation Program
Empyrean has been advised that due to a late scheduling change, the Morgan-1H well will now be the first well to be fracced ahead of the Easley-1H well with operations expected to start very shortly.
Empyrean Executive Director, Tom Kelly said, "We are pleased with the production performance of these two wells. In addition, the operator has managed to reduce the time taken to drill development wells and this reduces costs. This is good news and has very positive implications for the overall economics of the project."
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