SACGASCO TO DRILL DEMPSEY WELL IN THE SACRAMENTO BASIN
Sacramento Basin-focused natural gas developer and producer, Sacgasco Limited, an Australian-based energy company focused on conventional gas exploration and production in the Sacramento Basin, onshore California, advised that the California Division of Oil, Gas, and Geothermal Resources, and Glenn County have both given approval for the Company to drill the Dempsey 1-15 well on the Dempsey Appraisal and Exploration Project. The Permit, was granted to Sacgasco’s wholly-owned US subsidiary Peoco LLC after a 40-day review and consultation process. Sacgasco thanks the Division and Glenn County for their support and notes the efficiency of the permitting process. Operational updates will be provided in the lead up to Dempsey 1-15 spudding, which is on track for late July. Dempsey is a 1+ Tcf natural gas Appraisal and Exploration Project with seven stacked conventional reservoir targets.
Sacgasco has established a robust portfolio of modest to large-scale natural gas prospects in the Sacramento Basin, located close to under-filled gas trunklines connecting US and Canada gas supplies to the Californian gas market. Sacgasco’s key assets are the Dempsey and Alvares natural gas prospects, which have gross unrisked best estimate recoverable prospective resources of 1 Tcf and 2.4 Tcf respectively.
The Company’s development strategy in the Sacramento Basin represents an opportunity to increase near-term supply to a California gas market with a significant energy supply deficit. California’s gas demand is approximately 7 billion cubic feet per day, with local California gas production only contributing less than 10%. (Source: Sacgasco)