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Empyrean Energy PLC on Wednesday said a possible oil zone at the Wilson River-1 well will be assessed in a drill stem test. Empyrean shares rose 18% to 0.13 pence each in London on Wednesday morning. The oil and gas development company, with interests in Australia, Indonesia and the US, noted the possible oil area was identified from analysis of logs and hydrocarbon shows. The well is situated in Queensland in Australia. Empyrean said its joint venture is currently refining the testing and completion options as well as getting quotes to carry out the work. Chief Executive Officer of Empyrean Tom Kelly said: ‘Whilst the testing programme is being refined, we are pleased to say that the main potential oil zone will be tested by DST as soon as is practicable. We look forward to providing shareholders with further updates as our plans progress.’ Empyrean said that the testing programme is on schedule to commence during late April. The joint venture, alongside Chi Oil & Gas Pty Ltd and Condor Energy Services Ltd, will consider an extended production test following the results of the testing programme. Analysis is still being completed in other potential zones of interest as well as comparison to producing wells in the region where there is available data. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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