Empyrean Energy Spuds First Well on Bondi Prospect

Empyrean says that the Raun # 1 well has commenced drilling. Raun # 1 is the first well to be drilled at the Bondi Prospect under a participation agreement with Texon E & P, Inc, the USA operating subsidiary of ASX listed Texon Petroleum.

The Raun # 1 well is planned to be drilled to 13,500 feet (4,115 m). The prospect is 3D defined, along trend from existing fields and close to pipelines. In the event of a discovery, successful wells should be promptly brought into production.

Bondi lies 3.7 kilometers from the Cottonmouth field where initial production rates from the reservoir exceeded 10 mmcfgpd per well, together with over 190 barrels of condensate per day.

Bondi is a 30-76 Bcfe gas target. Empyrean will have a 20% working interest in the Raun # 1 well.