03/07/2007
Empyrean Energy says its Carlota-1 gas well on Texas’s Gulf Coast began flowing at 1.02 million cubic feet a day.
According to AIM-quoted Empyrean, production testing of the well, part of the company’s Margarita project, yielded this result with no water. The company says the well will be tied into a nearby sales pipeline, adding that preparations elsewhere in Margarita to test the company’s Agavero-1 well gas zone are in progress while a rig is ready to begin drilling at a third well, Climaco-1.
Empyrean’s shares have had a rollercoaster career since floating at 35p in 2005. After dipping to 24p, they surged to 164.5p in early 2006, but now trade at 46p, up 2p today.
The appeal is speculative.
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