13/04/2010 - 13:34

Empire surges on Gingin gas discovery

13/04/2010 - 13:34

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Shares in Nedland-based Empire Oil and Gas surged higher today after it made a new gas discovery in the Perth Basin, near Gingin.

Shares in Nedland-based Empire Oil and Gas surged higher today after it made a new gas discovery in the Perth Basin, near Gingin.

The company said the Gingin West-1 well was flowing at a rate of 7.66 million cubic feet of gas per day and 301 barrels of condensate per day.

Empire will now move to shut the well in for the build up of pressure readings that are necessary to determine reserve estimates.

"The associated condensate is significant equating to 40 barrels of condensate per million cubic feet of gas. Condensate attracts a premium price to crude oil at an oil refinery," managing director Craig Marshall said.

Empire is the operator of the well which is part of the EP 389 joint venture with ERM Gas and Wharf Resources.

Shares in Empire jumped half-a-cent, or 62.5 per cent, to 1.3c at 15:12 AEST.

 

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