Empyrean Energy has boosted its stakes in a number of Californian licences as part of a farm-in agreement with Sacgasco.
The London-listed firm has increased its interest in the Dempsey prospect and Dempsey Trend AMI to 30%, and lifted its stake in Alvares to 25%.
Dempsey in the Sacramento basin is slated for drilling in Q3 2017
Empyrean chief executive Tom Kelly said: “We continue to work hard to provide its shareholders with potentially transformational exploration opportunities.
“The increased interest in the Sacramento Basin projects reflects our increasing confidence and understanding of the opportunity to be part of an exciting package that offers multiple chances to make very large gas discoveries in a region of the USA with increasing gas demand and excellent existing surface infrastructure.
“Any discovery we make can very quickly be put into production to create early cash flow.
“We are excited to be working closely and very cooperatively with the operator, Sacgasco, to give our companies the best chance of success.”