Empyrean, the oil and gas development company with interests in China, Indonesia and the United States, notes the announcement released today by Sacgasco Limited (“Sacgasco”) regarding the Dempsey Natural Gas Well (the “Well”) in the Sacramento Basin, onshore California, in which Empyrean has a 30% interest.
Sacgasco has advised that, further to the announcement of 10 July 2017, the construction of the drilling pad for the Well is now complete and spudding of the Well is on track for late July.
Tom Kelly, Empyrean CEO, commented:
“We are delighted with Sacgasco’s news that the drill pad is ready for the Dempsey well. This JV owned and operated infrastructure will generate almost immediate cash flow from any gas which is discovered at the location, and combined with low operating costs, makes commerciality threshold for natural gas production at Dempsey very low. This, together with our Indonesian and Chinese interests, presents a compelling investment opportunity for Empyrean and our multi-jurisdiction portfolio. I look forward to providing further updates on this asset in the near term.”
To view the full Sacgasco announcement, please click here.
