Empire Oil & Gas advises an increase in proven gas and condensate reserves for the B Sand of the Red Gully-1 well, in Production Licence-18 in the Northern Perth Basin.
This follows an independent resource evaluation report prepared by RISC in accordance with the Society of Petroleum Engineers Petroleum Resources Management System (SPE-PRMS).
The Red Gully-1 B Sand has been in production for approximately 7 months.
CEO Ken Aitken said "The significant increase in Red Gully reserves is excellent news and justifies Empire's belief in Red Gully and its purchase of ERM's 23.61% interest in the Red Gully field. These additional reserves significantly increase the overall value of the Red Gully project."