Empyrean Energy to Conduct DST on Potential Oil Zone in Wilson River-1 Well
Why we think this is neutral
The RNS announcement indicates that Empyrean Energy is moving forward with testing a potential oil zone in the Wilson River-1 well, which is a positive step. However, the results of the testing program are still pending, and the company is only considering an extended production test after the initial DST. Additionally, the company is still in the exploration and evaluation stage, with no clear timeline for potential production or revenue generation. The small market capitalization and lack of broker targets also suggest higher risk. Overall, the news is neutral, as the company is making progress but significant uncertainty remains.
Key Points
- Empyrean Energy to conduct Drill Stem Test (DST) on potential oil zone in Wilson River-1 well
- Testing program scheduled to commence in late April
- Company will consider extended production test following DST results
- Other potential zones of interest still undergoing analysis
Summary
Empyrean Energy Plc is conducting a Drill Stem Test (DST) over a potential oil zone identified in the Wilson River-1 well. The testing program is currently on schedule to commence during late April, and following the results, the company will consider an extended production test. Other potential zones of interest are still undergoing petrophysical analysis. The company has interests in Australia, Indonesia, and the United States, and its current share price is 0.1125 GBp, down from a 52-week high of 0.7000 GBp. The company has a market capitalization of £4.89 million, and no broker targets are provided.