Empyrean upbeat on Dempsey drilling announcement

The AIM-traded firm said Dempsey 1-15 is expected to take 30-40 days to drill to around 10,000 feet, targeting the 1Tcf Dempsey natural gas prospect in which Empyrean has a 30% interest.

It said the Dempsey prospect contains over seven stacked conventional sandstone reservoir targets.

The offset wells have had gas shows and production from Kione and Princeton Canyon formations above the Forbes producing reservoirs, Empyrean said, adding that Dempsey 1-15 is the first well to test the primary reservoir formations in this part of the under-explored Sacramento Basin.

“With drilling now expected to be underway at Dempsey within hours, we look forward to the next 30 to 40 days as the 1Tcf+ prospect is targeted,” said CEO Tom Kelly.

“Similar reservoirs have been interpreted to indicate pipeline quality ‘dry gas’ which bodes well should Dempsey 1-15 be successful as the well is located next to existing gas metering and surface infrastructure that is owned by the joint venture.

“I look forward to reporting on the drill progress over the coming weeks with the hopes of adding another discovery to our portfolio in 2017 following the success of our Mako South-1 well offshore Indonesia.”