Empyrean Energy, the oil and gas development company with interests in Australia, Indonesia and the United States, has advised that, further to the RNS dated 23 January and 11 February 2025, a definitive Farm in Agreement has now been executed between the Company, Chi Oil and Gas and Condor Energy Services.
The Farm in Agreement formalises Empyrean's earn in to ATP1173 by funding part of the drilling of the Wilson River-1 well. Following the earn in, the respective JV Partners working interests will be Empyrean 52.8%, Condor Energy Services Ltd 27.2% and Chi Oil and Gas Ltd 20.0%.
Condor Energy Service has been retained to drill and test the well.
The site preparations are now well advanced with the drilling pad cleared, cellar and conductor installed and the first truckloads of drill rig equipment loaded and mobilised on way to the drill site.
The JV is currently on schedule for spudding of the well during March 2025. A further announcement will be made as preparations progress and a more precise spud date becomes known.
Empyrean CEO, Tom Kelly commented, 'The JV Partners are working cohesively to execute the required agreements and contemporaneously complete the necessary preparations to drill the Wilson River-1 well. Empyrean is delighted to be working alongside Condor Energy Services and Chi Oil and Gas to bring together the drilling of Wilson River-1. We look forward to providing further updates as we get closer to drill.'
Background
The Wilson River prospect is situated close to exisng infrastructure in the prolific Cooper Basin in South West Queensland, Australia, and adjacent to several producing oil fields operated by Santos-Beach (Cooper Basin JV) and Bridgeport Energy. The Wilson River prospect lies within lease ATP 1173 and is being prepared for near-term drilling once final surveys are complete and permits granted. Material progress has been made since November 2024 to progress the pre-drill preparaons including finalisaon of well design, tesng and compleon protocols, long lead item procurement, rig service guarantee payment, land access agreement and commencement of required surveys. The Wilson River prospect has mulple stacked reservoir targets, lies within a NW to SE oil migraon pathway and shares similar structural orientaon and features to fields immediately NW of the prospect.
See announcement: Acquisition of option to parcipate in Wilson River convenonal oil prospect, Australia (Jan 23 2025), for further info.
Source: Empyrean Energy
