Empyrean provided the following update on operations at the Sugarloaf Project within the Sugarkane Gas & Condensate Field, Texas.
Following the successful fracture stimulation of approximately 4,400 ft of horizontal section as per the frac design, the Morgan-1H well was flowed back to sales commencing on 27th April 2010. The well production has now stabilized and the following Initial Production rate was achieved:
Following the successful fracture stimulation of approximately 2,750 ft of horizontal section as per the frac design, the Easley-1H well was flowed back to sales commencing on 1st May 2010. The well production stabilized relatively quickly and the following Initial Production rate was achieved:
While these initial rates are very encouraging, the following points should be noted:
A further announcement will be made as significant developments occur.
Commenting today, Executive Director Tom Kelly said, "Hilcorp is doing an excellent job as operator right now. Since their agreement to farm-in they have successfully brought 4 wells into commercial production. The objectives of the farm-out to Hilcorp included achieving a free carry on this appraisal stage of the project and partnering with an operator with the necessary experience and resources to successfully advance the project into the full development phase. These objectives are being met. The initial production rates from Morgan and Easley are at the top end of expectations and the combined gas and condensate rates compare very favorably with initial production rates within the regional Eagle Ford Shale trend. We look forward to the results from the fracture stimulation of the Rancho Grande well in due course."
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