LONDON (Alliance News) - Energy resource project exploration and development company Empyrean Energy PLC said in an operational update Tuesday that there are now 101 producing wells at the Sugarloaf AMI project in Texas.
Ten new wells have been added since the end of June. The Sugerloaf AMI project is based in the Eagle Ford Shale rock formation and it is operated by Marathon Oil Company. Empyrean has a 3% interest in the project.
The company said that its average production, before natural gas liquids were separated, was 544 barrels of oil equivalent per day, a 2% increase over the previous quarter and a 60% increase over the previous year.
Two further wells located in the shale formation above Eagle Ford, Austin Chalk, began production in July. The company said that further wells are planned for the Austin Chalk formation. Currently testing is underway to check the wells at closer spacing intervals. Empyrean said that it expects testing results by the end of 2013.
Shares in Empyrean last traded at 7.25 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Empyrean (EME)