Empyrean Energy (AIM:EME) continued to give investors a reason to cheer after announcing that the Kennedy 1 well flowed gas and condensate from a new pay zone.
The Kennedy A1 well, which lies on Block B of the Sugarloaf Prospect in Texas, USA, is operated by Texas Crude Energy. Texas Crude confirmed that a reservoir stimulation program on Kennedy 1 well had thus far recovered 1,274 barrels of fracture fluids, 257 barrels of condensate and small quantities of gas. The pay zone is 120 feet thick, which has the potential to "more than double" the recoverable reserves from the project.
"This is very encouraging news for the project as a whole because we now may have approximately 150% larger potential recoverable volumes when you add this new "middle pay zone" to the "upper pay zone" that we had already proven commercial from the testing of the Block A wells. Significantly, this test at Kennedy was a relatively small fracture stimulation conducted over a relatively small horizontal section of the well and we would expect that much better flow rates can be achieved using knowledge gained from these early wells. The completion technique used on this most recent test should measurably improve the production rates for the third potential pay zone, a lower zone some 50 feet thick, which was initially tested by the Sugarloaf-1 vertical well." said Tom Kelly, Executive Director of Empyrean Energy.