|
Empyrean Energy PLC’s share price more than halved on Wednesday as it said it will plug and abandon the Wilson River-1 well. Shares in Empyrean closed down 54% at 0.043 pence in London on Wednesday afternoon. The oil and gas development firm in China, Indonesia and the US said a drill stem test has been completed on the well in Queensland, Australia. The test confirmed the recovery of formation water from the Murta formation in the well, and therefore Empyrean decided to plug and abandon the well, and release the rig. ‘The drilling and testing operations at Wilson River-1 were completed safely and efficiently. The outcome is disappointing, as no moveable hydrocarbons were indicated by the drill stem test despite the well having potential oil pay indicated by the quad combo logging run,’ said Chief Executive Officer Tom Kelly. ‘The conclusion is that there has been inadequate buildup of hydrocarbons through effective migration within the trap to displace enough formation water.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
