Last checked at 28 Mar 2013 07:02
28 March 2013
Empyrean Energy PLC
("Empyrean", "EME" or the "Company"; Ticker (EME))
EMPYREAN MAKES DRAWDOWN ON ITS TERM DEBT FACILITY WITH MACQUARIE BANK LIMITED TO FUND DEVELOPMENT OF EAGLE FORD SHALE CONDENSATE AND GAS PROJECT
Further to the announcement on 16 August 2012, Empyrean (AIM:EME) is pleased to announce that it has satisfied all conditions precedent and completed a further drawdown of an amount totaling approximately US$10,090,000 from its term debt facility with Macquarie Bank Limited ("Macquarie"), bringing the total amount drawndown to date of approximately US$10,320,000. The facility is a three year term debt facility for up to US$50 million ("the Facility") to support the Company's participation in the development of the Sugarloaf Project, an Eagle Ford Shale Condensate and Gas development project in onshore Texas, USA.
Empyrean has granted a further 15,000,000 options to Macquarie under the terms of the Facility. The options have an exercise price of 12p and an expiry date of 25 March 2017.
Commenting today, Empyrean CEO Tom Kelly said, "This significant drawdown on the Macquarie Facility is a result of over 12 months of working together with Macquarie to ensure that our primary asset - the Sugarloaf Project is well funded enabling the Company to maintain its current interest in the project as the development drilling program continues. We have now participated in over 70 producing wells of which approximately 50 have been drilled and completed during our association with Macquarie. The Board of Directors would like to again thank Macquarie for their vision in providing the Facility which will be utilized to enhance; reserves, production, revenue and earnings per share. We will continue to work with Macquarie to further develop this exciting asset."
For further information
Empyrean Energy plc
Tom Kelly
+618 9480 0111
Shore Capital
Anita Ghanekar
Edward Mansfield
+44 (0) 207 408 4090
Jonathan Charles
Lionsgate Communications
E: jcharles@lionsgatecomms.comM: +44 (0)7791 892509
www.lionsgatecomms.com
Notes to Editors:
Empyrean Energy Plc is an AIM listed (Ticker : EME) condensate and gas exploration and production company focused on the Eagle Ford Shale, Texas, USA. Other assets include a 10% working interest in the Riverbend Project, Texas, just north of the prolific Brookeland Field (Austin Chalk) as well as a 57.2126% interest in the Eagle Oil Pool Development Project located in the San Joaquin Basin, southern California.
Empyrean's portfolio includes an interest in over 70 producing wells with scaleable growth potential from further development and exploration upside.