Less Ads, More Data, More Tools Register for FREE

Empyrean Energy Sees Production Increase At Sugarloaf In Texas

Wed, 12th Feb 2014 12:02

LONDON (Alliance News) - Empyrean Energy PLC Wednesday said its fourth-quarter production increased as new wells joined its production portfolio.

The US-focused oil and gas development and production company said the total production for the three months ended December 31, 2013 remained strong, with a 2% increase in aggregate net production to 83,127 barrels of oil equivalent compared from the previous quarter and a 92% increase compared to the same period in the previous year.

The company noted that it has added 18 wells in the quarter, bringing its total number of gross producing wells to 119 on the Sugarloaf Area of Mutual Interest in Texas.

The net production average was roughly 904 barrels of oil equivalent per day to Empyrean for the three month period.

Empyrean has a 3% working interest in its flagship Sugarloaf AMI in the prolific Eagle Ford Shale. The project is operated by Marathon Oil Company, a subsidiary of US major Marathon Oil Corporation.

Empyrean said Marathon is currently targeting to drill approximately 100 to 110 gross wells on the Sugarloaf AMI during 2014, representing an increase of over 100% on the 48 wells drilled during 2013.

Empyrean also added that Marathon is currently forecasting well costs to reduce significantly to USD6.5 million to USD7.5 million from USD7.5 million to USD8.5 million for the site.

Empyrean Energy shares were down 1.0% to 12.38 pence Wednesday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

Copyright © 2014 Alliance News Limited. All Rights Reserved.

Related Shares

More News
13 Jun 2024 19:40

EARNINGS AND TRADING: Dialight trades in line; Petards swings to loss

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

3 Apr 2024 10:59

TRADING UPDATES: Quiz sales fall, names new CEO; Byotrol eyes AIM exit

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

23 Feb 2024 10:31

AIM WINNERS & LOSERS: Hornby rises as Frasers snaps up stake

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.

23 Feb 2024 09:26

Empyrean and Coro rise on Mako field gas price and volume allocation

(Alliance News) - Empyrean Energy PLC and Coro Energy PLC both noted on Friday the receipt of approval for the gas price and volume allocation for the...

23 Feb 2024 08:47

LONDON MARKET OPEN: Stocks mixed; StanChart drives FTSE 100 higher

(Alliance News) - Stock prices in London opened mixed on Friday, with the FTSE 100 lifted by well-received results from Standard Chartered.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.