this is taken from sr 4x gold from the EGO thread... smart outfit...
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Some highlights from an article on ENP. Would be nice to have this captured in a ASX release! Give some indication of time lines.
EMPIRE Oil & Gas is set to conduct the first seismic survey by helicopter on the Australian mainland as part of a big boost to its exploration effort in the onshore Perth Basin.
Marshall said small explosive charges also provided “seriously good quality data. Each profile is going to give surface velocity as well as deeper imaging”.
The heli-seismic survey in EP 389 was planned to take place in about the third quarter of the year, which is when he expected to have all environmental and landowner approvals in hand. The survey will provide an extension of the 3D data used to make the Gingin West and Red Gully discoveries and it is expected to define the locations for proposed wells Wannamal-1, Gingin-4 and Gingin-5, as well as some other prospects.
“We would like to drill more than one well,” he said.
“We would like to increase our exploration in the Perth Basin by drilling back-to-back wells and recording seismic similarly.
“The seismic crew that conducts the 3D survey in EP 389 will most likely also be used to conduct surveys in our newly awarded permits in the south.”
Marshall said the Gingin West and Red Gully discoveries would mean Empire’s future was firmly focused on the Perth Basin.
“We have sold our Canning Basin assets into Key,” he said.
“We will probably do something else with our Carnarvon assets, so Empire will become purely focused on the Perth Basin.
“Within the permit where we have the two discoveries, there’s almost a lifetime’s work within that permit.
“It’s a big permit and we have a trend there of over 60 kilometres of prospects to drill.
“We have over 10 permits and in excess of five million acres of permit under tenure on Perth Basin alone.
“These days, once you have a discovery I think you better focus on where you have had success and develop that. I believe that’s what shareholders want.”
First sales of gas and condensate from Red Gully and Gingin West are expected in the third quarter of this year. We’re starting to understand this Jurassic play more and more and as we record seismic we keep finding prospects. It’s definitely encouraging,” he said.
“In this particular area, if you spend the money to record the 3D seismic – and it’s not cheap, you will substantially reduce your risk.
“If you can find a closed structure in the Perth basin, the likelihood of finding hydrocarbon in it is high.
“If you can find a four-way dip anticline, you have really reduced your risk.
“These are rare but Gingin West is one such feature.”
Marshall said Empire was finally getting it tight but he believed it could do better.
“We’ve drilled the lowest risk stuff, not necessarily the biggest prospects,” he said.
“Now we will start drilling some of the bigger prospects and the bigger prizes.”
NWE Price at posting:
3.1¢ Sentiment: LT Buy Disclosure: Held
