Empyrean provided the following update on operations at the Sugarloaf Project within the Sugarkane Gas & Condensate Field, Texas.
Empyrean has been advised by the Operator that the Kowalik-1R well was spudded on July 9, 2010 and the well is presently at a depth of 5,996 ft having run and set surface casing.
The Kowalik-1R well is the first Sugarloaf well where Empyrean will contribute to costs and derive revenue on a post farmout basis. Because of Empyrean's increased working interest in the original Kowalik well the company will hold a 10.2% working interest in the Kowalik-1R well and as such will pay 10.2% of the costs of the well and derive 10.2% of the net proceeds from any hydrocarbon sales.
The information contained in this announcement was completed and reviewed by the Technical Director of Empyrean Energy Plc, Mr Frank Brophy BSc (Hons) who has over 40 years experience as a petroleum geologist.
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