Monday November 16, 09:17 AM
Empyrean Energy encounters more fractures at Texan well
* Operator prepares for completion of Quinn 3H well
* Co earning 10 pct working interest in project
* Shares up 3 pct
(Adds details)
Nov 16 (Reuters) - Oil and gas explorer Empyrean Energy Plc (LSE: EME.L - news) said the Quinn 3H well at its Riverbend project in Texas, United States, encountered additional significant and minor fractures.
Empyrean, which earns a 10 percent working interest in the project, said the operator Krescent Energy Co and joint venture partners had agreed to stop drilling and prepare for completion.
'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,' the company said in a statement.
The project has an estimated recoverable hydrocarbon potential of 800 billion cubic feet gas equivalent, the company said.
The company's shares rose as high as 18.8 percent to 19 pence in early trade, but later shed their gains to trade up 3 percent at 16.5 pence by 0901 GMT on the London Stock Exchange (LSE: LSE.L - news) .
(Reporting by Purwa Naveen Raman in Bangalore; Editing by Aradhana Aravindan) Keywords: EMPYREANENERGY/
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