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LONDON (Alliance News) - Empyrean Energy PLC Thursday said average daily production from the Sugarloaf project in Texas was broadly flat in the first quarter, as operator Marathon Oil Corp continues to expand operations at the site.
Empyrean said average daily production from the Sugarloaf site in the first quarter to the end of March was 1,216 barrels of equivalent per day net to Empyrean's interests after royalties, compared with 1,217 barrels in the fourth quarter. Empyrean has a 3% working interest in the Sugarloaf AMI project, which is operated by Marathon Oil.
Empyrean said Marathon has continued to increase production from the site, with a further 18 wells added in the quarter to bring the total number of producing wells to 205 at the end of March. As of May 20, that number had increased to 218.
"Production from Sugarloaf continues to be economic even at current oil prices and has been maintained at steady rates, notwithstanding lower levels of drilling activity in the current, challenging oil price environment," said Empyrean Chief Executive Tom Kelly.
Shares in Empyrean were up 4.3% to 7.3 pence on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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