Empyrean chief executive Tom Kelly said financing his company’s 3% share of the Sugarloaf project, operated by Marathon Oil, was Empyrean’s top priority.
Full development of the project would exceed 200 wells, and could exceed 300 wells depending on the success of initiatives like closer well spacing, which could optimise recoveries, Empyrean said.
There are currently 25 wells in production on the project area, with a full development expected to exceed 200 wells with there being the potential for 300-plus well development should certain initiatives prove successful.
