Empyrean Energy (LON:EME) has issued an update on operations on Block B at the Sugarloaf project in Texas. The Company is a London based oil and gas explorer and producer listed on the AIM market, established to finance the exploration, development and production of energy resource projects in geopolitically stable environments.
According to the latest update, it has been advised by the operator that the multi-stage fracture stimulation operation on the Morgan-1H well began on 16 April. The fracture stimulation design is similar to that recently successfully applied to the Kennedy-1H and Weston-1H wells. Following completion of this operation the well will be flowed directly to sales.
The Company says the previously advised fracture stimulation on the Easley-1H has now been re-scheduled to begin after the conclusion of the Morgan-1H frac later this month. Production casing has now been run and cemented at the Rancho Grande-1H in preparation for a multi-stage fracture stimulation programme which has been scheduled to begin after the conclusion of the Easley-1H frac during May.
The Company recently announced that it had raised £3.6m through two placings at a price of 6p per share. Net proceeds will contribute to further development at the company's Riverbend, Hercules and Sugarloaf projects in Texas and Eagle Oil project in California, as well as for general working capital.
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