Empyrean Energy (AIM: EME), the oil and gas exploration and production company with assets in Germany and USA, surged higher yet again after announcing better than anticipated flow rates from the A-1 well on Block A of the Sugarloaf Project in Texas. Texas Crude Energy is the operator of the field.
Texas Crude confirmed that fracture stimulation operations over around 900 feet of the horizontal section of the well flowed approximately 2.5 million cubic feet of gas per day and 950 barrels of condensate per day with no water. The flow occurred on a 14/64 inch choke and a flow tubing pressure of 4000 psi.
Empyrean added that on current condensate to gas conversion rates of 10 to 1, the gas equivalent flow rate was an impressive 12 million cubic feet.
“These flow rates are spectacular from an acid frac of only 900 feet of horizontal with only 5 sets of perforations. To be getting such a great condensate flow is also very pleasing given where the oil price is right now. Our shareholders have been patient and it is pleasing to see this being rewarded as the completion methods learnt early on in the project are being successfully implemented by the operator.” said Tom Kelly, Executive Director of Empyrean Energy.