Empyrean Energy PLC is pleased to announce its participation in two new wells in the Eagle Ford Shale, Texas. This participation is a part of its interest in 'Sugarloaf Block A' operated by Burlington Resources Oil & Gas Company LP ('Burlington') a subsidiary of ConocoPhillips Company ('Conoco'). This recommences the activity in Block A, which is nearby to the Company's flagship Sugarloaf AMI.
The Baker Trust-4 well ('Baker Trust'), in which Empyrean has an approximate 2.45% working interest, reached an approximate measured depth of 17,948 feet on 28 August 2013 with a lateral length of approximately 5,000 feet. This well is currently awaiting completion. The estimated net drilling cost to Empyrean is US$225,000. Should the well be successful there will be completion and connection costs to follow.
The Marlene Olson-3 well ('Marlene Olson'), in which Empyrean has an approximate 0.85% working interest, will be drilled to an approximate measured depth of 20,700 feet at an estimated net drilling cost of US$100,000 (excluding completion and connection costs) to Empyrean, with a lateral length of approximately 7,700 feet. The Company has been informed by the operator that the Marlene Olson will commence drilling in the second half of September 2013.