Empyrean Energy Boosts Its Stake In San Joaquin

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Description

Increased its working interest in the Eagle Oil Pool Development Project in the San Joaquin Basin.

Empyrean Energy Plc (AIM: EME) has increased its working interest in the Eagle Oil Pool Development Project in the San Joaquin Basin to 57.2126% from 48.5%. The seller and the price for the additional interest were not disclosed.

The project is a structural-stratigraphic trap play targeting the Eocene aged Gatchell sands covering about 5,160 gross acres with a discovered yet undeveloped oil accumulation. The operator of the project is Strata X Energy (Toronto Venture: SXE), which is based in Denver, Colo.

“This increased working interest at the Eagle Oil Pool Development Project gives Empyrean greater leverage and flexibility in the project. Given the renewed activity in the San Joaquin Basin we are happy to have been able to add significantly to our working interest in the project at essentially no cost,” said Empyrean chief executive Tom Kelly.

Strata X Energy has indicated that a vertical well test of the Gatchell sands has merit, subject to the results of nearby exploration wells. Empyrean Energy is based in Perth, Australia and has additional assets in the Eagle Ford.