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LONDON (Alliance News) - Empyrean Energy PLC Thursday said it had revised down production growth at the Sugarloaf AMI project after getting completed revenue remittance receipts, and said it will wait for the remittances rather than using wellhead production data in future.
In a statement, the company said production from Sugarloaf rose 14% on the year to 81,398 barrels of oil equivalent in the three months to March 31, rather than the 78% increase it had previously reported for the period.
Production in the 12 months to end-March rose 50% to 335,305 barrels of oil equivalent, from 223,500 barrels a year earlier.
Empyrean has a 3% working interest in the Sugarloaf AMI in the Eagle Ford Shale, Texas. The project is operated by Marathon Oil Corp.
Empyrean Energy also said its has made the scheduled repayment of USD1.5 million on its term debt facility with Macquarie Bank Ltd and now a USD9.17 million balance on the facility.
Empyrean shares were down 0.2% at 17.1 pence Thursday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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