UPDATE 1-Empyrean encounters multiple gas flares at Texan well
* Says flares include multiple flares over 100 ft in height
* Shares rise as much as 27 pct (Adds details)
Nov 10 (Reuters) - Oil and gas explorer Empyrean Energy Plc (EMEL.L) said the Quinn 3H well being drilled at its Riverbend project in Texas, United States, encountered multiple significant gas flares, sending its shares up as much as 27 percent.
The company said the gas flares included multiple flares over 100 feet in height and one over 200 feet.
"The number and significance of the fractures and flares have exceeded the operator's (Krescent Energy Co LLC) expectation for the footage of horizontal drilled up to this point," Empyrean said in a statement.
However, the company warned that no conclusions should be drawn from the observations to date, until drilling operations were completed and the well was production tested. The flares are being analysed further to decide on how much further drilling is needed, however, it is highly likely that it will not be necessary to drill the planned 5,000 feet of horizontal, Empyrean said.
Empyrean shares were trading up 13.3 percent at 17 pence at 1015 GMT. They touched a high of 19.02 pence earlier in the session. (Reporting by Kumar Alagappan in Bangalore; Editing by Ratul Ray Chaudhuri)
