LONDON (Alliance News) - Empyrean Energy PLC said Tuesday that it had repaid USD1.5 million of its term debt facility with Macquarie Bank Ltd using cash proceeds from production.
The company has a USD50 million facility in place with Macquarie to develop the Sugarloaf AMI project, an Eagle Ford Shale oil, condensate and gas development project in Texas, in which it has a 3% working interest. The project is operated by Marathon Oil Corp.
The outstanding balance of the facility is USD10.7 million.
Shares in Empyrean were trading up 1.5%% at 15.10 pence Tuesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @hanassallnews
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Empyrean (EME)