LONDON (Alliance News) - Empyrean Energy PLC Monday said it has recommenced activity on two wells in the Eagle Ford Shale in Texas in partnership with oil and gas firm ConocoPhillips
US-focused oil firm Empyrean will work on the Baker Trust-4 and Marlene Olson-3 wells. The estimated net drilling cost to Empyrean at Baker is USD225,000, while Marlene will cost it USD100,000.
However, the company expects the wells to significantly enhance and contribute to the business.
"These wells add to the gross 91 producing wells at our Sugarloaf AMI acreage, which boosted our revenues by 119% to GBP5.89 million for full year to 31 March 2013," Chief Executive Tom Kelly said in a statement.
Empyrean Energy shares were trading at 630 pence Monday morning, 0.20 pence or 3.1%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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Empyrean (EME)