Empyrean Energy granted drilling permit for California well
In June, Empyrean increased its stake in the Dempsey project to 30% from 25%.
Empyrean agreed to pay $90,000, on top of a $10,000 deposit, to the well operator Sacgasco Ltd.
Empyrean also made a $2.0 million payment towards the dry hole cost of the well.
Dempsey is a large structure with the potential to hold prospect resources of over 1 trillion cubic feet of gas in up to seven stacked target reservoirs.
Empyrean said the well is now being prepared for drilling. ■