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LONDON (Alliance News) - Empyrean Energy PLC Monday said it has increased its working interest in the Eagle Oil Pool development project in California, US and set it has set a deadline for potential suitors to make a bid for the company.
The US-focused oil and gas company said it has increased its working interest in the project, based in California's San Joaquin Basin, to 58% from 57% following the surrender of a minor interest in the project.
No financial details were disclosed.
The other partners in the project are Strata-X, with a 24% stake, and Lakes Oil Company, which has an 18% stake.
Later Monday, Empyrean said it has set a deadline of September 25 for potential suitors for the company to make a bid.
Empyrean started a formal sale process in July as part of a strategic review of the company.
Empyrean shares were trading 3.9% higher at 19.22 pence per share on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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