Empyrean Energy Plc, the condensate and gas producer, provides the following update on operations at the Riverbend Project in Texas. Empyrean is pleased to advise that it has been advised by Krescent Energy Partners II LP ("KEP II"), the operator, that re-completion operations have commenced at the Cartwright-1H well. The re-completion is expected to take a number of weeks.
As previously announced on 19 March 2013, Empyrean has received, and elected to proceed with a proposal to
re-complete the Cartwright-1H well in the Wilcox interval between 9584 feet to 9590 feet in vertical depth. The
Wilcox interval is shallower than the original Austin Chalk target and KEP II interprets from petro-physical
analysis that it may be productive. KEP II has also interpreted from seismic that the Wilcox zone of interest
appears to be stratigraphic in nature as no structural closure has been mapped.
The existing well has a downhole obstruction that is currently limiting production to sub-economic flow rates
from the Austin Chalk zone. The operator will re-enter the existing well bore and set a plug above the downhole
obstruction and then proceed with operations to perforate and test the shallower Wilcox zone. The anticipated
cost of the operation is approximately US$125,000 - US$200,000 and therefore Empyrean's share of these costs is
expected to be in the range of US$12,500 - US$20,000.
KEP II believes that a successful re-completion in the Wilcox zone of interest would deliver flow rates in the
range of 30 - 40 barrels of oil per day and 200,000 - 250,000 cubic feet of gas per day. KEP II has advised that
future operational plans will depend on well response to the re-completion operations.
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