LONDON (Alliance News) - Empyrean Energy PLC Monday said it has made its second repayment on its debt facility with Macquarie Bank Limited.
The US onshore gas exploration, development and production company said it paid the USD1 million from cash proceeds received from its Eagle Ford Shale production site.
The company said that, based on increased revenues announced earlier in the year, it anticipates strong results from down-spacing initiatives in December. Down spacing allows an increased number of available drilling locations at a site.
Empyrean Energy shares were down 5.4% to 6.26 pence Monday afternoon.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcivor1
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Empyrean (EME)