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LONDON (Alliance News) - Empyrean Energy PLC on Wednesday said it has received a major upgrade to the reserve estimates for the Sugarloaf project in Texas, sending its shares higher in early trade.
Empyrean said the proven reserve estimate for the site has been increased by 63% to 5.78 million barrels of oil equivalent, while probable reserves have been increased to 6.86 million barrels.
231 wells are currently in production at Sugarloaf, with 54 drilled and undergoing completion operations.
Empyrean has a 3% working interest in the Sugarloaf AMI project, which is operated by Marathon Oil Corp.
"These are fantastic improvements to our reserves and resources. As anticipated, further appraisal and drilling of the overlying Austin Chalk wells along with continued success from optimisation initiatives in the Eagle Ford Shale and Austin Chalk collectively have resulted in a very substantial increase in our reserves position at the Sugarloaf AMI," said Tom Kelly's Empyrean's chief executive.
Empyrean shares were up 18% to 6.9461 pence in early trade on Wednesday, one of the best performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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