Empyrean Energy (AIM: EME) reported further progress on the highly anticipated Quinn 3H well, which has already been the subject of intense speculation amongst investors after the company reported encouraging results from the well recently.
Quinn 3H, which is operated by Krescent Energy as is located on the Riverbend Project, onshore Texas, has now reached total depth of 16,641 feet. Empyrean is earning a 10% working interest in the Riverbend Project.
The 5000 feet horizontal section of the well has also ceased drilling, after it was decided by the partners that the well had already encountered enough fractures in the target zone to commence testing. “The number of fractures and gas pressures encountered generally compares favourably with successful longer horizontal wells drilled by operators to the north of the Riverbend Project area,” Empyrean stated.
Quinn 3H has already been connected to a sales pipeline to allow any gas produced during the completion phase to be sold.
Commenting today, Empyrean Director Tom Kelly said "Empyrean is excited to be commencing preparations to test the first well on the Riverbend Project. This project has an estimated recoverable hydrocarbon potential of 800 billion cubic feet gas equivalent. It will be interesting to see how the Quinn 3H well responds during the testing phase with a relatively short horizontal section."