In the Yolande Prospect 412 (Bounty 65%, Empire 35%) the main reservoir objective is the Early Permian Lyndon Sandstone. A geochemical anomaly with up to three times background of methane and five times background of ethane was detected over the northern part of the prospect.
Empire believes the ethane could be a response to condensate, pushing potential gas reserves to 52 billion cubic feet.
At the 100% owned Bullara Oil Trend in the sub-basin the combined results of the Yolande Prospect and the previous Parrot Hill East tests have upgraded the permit.
Prospects along the trend are considered to have potential to be filled to spill point as they are unaffected by the Late Miocene structuring of the Rough Range Anticline. If this is proven Empire believes the prospects could hold larger pools than those on the Rough Range Anticline. The Parrot Hill East prospect itself is estimated to hold potential oil reserves of 4.7 million barrels.
The initial round of results pushed Empire from a low of 0.5 cents to a peak of 1.9 cents before dropping off while yesterday’s results saw a massive 108 million shares traded to push the stock back to 1.3 cents.
