SGC announce more significant gas shows at Dempsey
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Natural gas developer and producer, Sacgasco Limited (ASX: SGC) today informed the market that it has completed the 8 1⁄2 inch vertical hole at the Dempsey 1-15 well in the Sacramento Basin, California.
The Dempsey 1-15 well has been drilled to 2,970 meters (~9,750 feet) to enable logging tools to be used in targeting reservoirs. So far, drilling has intersected two further zones of high gas shows, the full extent of which will be determined once wireline logs are run. The hole is now in the process of being prepared for logging.
The region being targeted by SGC is the largest undrilled mapped structural closure in the northeastern part of the Sacramento Gas Basin, a section thought to be optimally located to trap gas as it migrates to the area from sources to the west and south.
It is early stages in its work in this basin, so investors should seek professional financial advice if considering this stock for their portfolio.
The breakdown of the Working Interests (WI) in the Dempsey Gas Project is as follows: Sacgasco Limited (ASX: SGC) (Operator) 50%; Empyrean Energy PLC (LON: EME) 30%; Pancontinental Oil and Gas NL (ASX: PCL) 10%; Xstate Resources Limited (ASX: XST) 30%.
With such a significant stake, and as the Operator of the project, SGC is pleased with the results, which affirm the use of resources spent on the Dempsey project so far.
In discussing the latest announcement, Managing Director of Sacgasco Gary Jeffery said: “As previously observed it continues to be very encouraging that since drilling out of the 9 5/8 inch casing, all potential reservoir zones interpreted from mud logs have been associated with significant gas shows.
“We are very pleased with the manner in which the drilling team has completed the drilling despite numerous zones of high gas shows in an area with very little drilling data as a guide. The well will now be prepared for wireline logging to assess potential reservoir thickness and petrophysical characteristics before deciding to run and cement a protective 5 inch liner prior to flow testing. Updates will be provided on meaningful results from the evaluation of the target sandstone reservoirs.”
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