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LONDON (Alliance News) - Empyrean Energy PLC Wednesday said that total production from its well at the Sugarloaf AMI project in Texas increased in the first quarter of its financial year, with average production of around 960 barrels of oil equivalent per day net to the company.
Empyrean Energy is an US onshore oil, gas and condensate exploration, development and production company with assets in Texas and California. The company holds a 3% working interest in its flagship Sugarloaf AMI project in the Eagle Ford Shale in Texas. The project is operated by Marathon Oil Company, a subsidiary of US company Marathon Oil Corporation.
In a statement Wednesday, Empyrean Energy said total production in the three months to the end of March remained strong with aggregate net production of 86,367 barrels of oil, a 3.9% increase over the period quarter's 83,127 barrels of oil, and a 78% increase compared to the comparable quarter last year.
"Production and new wells drilled and planned continue to increase, which will naturally have a positive effect on our revenues," said Chief Executive Tom Kelly in a statement.
The company said there were 121 gross producing wells at Sugarloaf as the end of the quarter, two more wells than at the end of December 2013.
It said there are currently 10 wells drilling and 21 wells undergoing completion operations, while it said Marathon Oil Corp are still targeting to drill approximately 100 gross wells on the Sugarloaf AMI project during 2014.
Empyrean Energy shares were trading 2.6% higher at 18.21 pence Wednesday early afternoon.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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