LONDON (ShareCast) - (ShareCast News) - Empyrean Energy has encountered significant gas shows at its Dempsey 1-15 well onshore California after breaking through a thick section of hard shales and siltstones in what may turn out to be part of the primary target zone.




However, the company advised that the "significance" of the gas shows would only become apparent once the wireline logs were run upon having reached the target depth of approximately 3,200 metres.

The outfit's boss, Tom Kelly, said: "After slow and steady drilling through some very hard rocks over the last few days, we are very encouraged to see the best looking gas shows from another sand in what we now believe to be part of the primary target zone in this well.

"We have not drilled out of this latest gas bearing sand yet, so it will be interesting to see how thick this zone is. We look forward to keeping investors appraised as we progress."

According to Sacgasco, the operator of the well, drilling was now proceeding below 2,760m towards what were described as the highly under-explored depper targeted reservoirs in the roughly 440m which remained to be drilled.

As of 1037 BST, shares of Empyrean were 13.82% higher to 17.50p.

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