Look out for testing dates for the Sugarloaf-1 gas well in Texas which is Aim-quoted Empyrean Energy’s big hope.
Empyrean has increased its interest in the wells in Block B from 6% to 18% and will earn a 7.5% interest in the wells in Block A. This covers a 16 well programme. It has to pay 20% of the costs of the wells in Block B to earn the extra 12% and 12.5% of the costs of wells in Block A to earn the 7.5% interest. Drilling is due to commence on three more wells on Project Margarita on the Gulf Coast in Texas. This drilling programme should be completed by the end of July. Three additional deep wells should commence in late September.
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