Last checked at 2 Jul 2013 07:00
2 July 2013
Empyrean Energy PLC
("Empyrean", "EME" or the "Company"; Ticker (EME))
EMPYREAN MAKES FIRST REPAYMENT OF US$1 MILLION ON ITS TERM DEBT FACILITY WITH MACQUARIE BANK LIMITED FROM CASH PROCEEDS RECEIVED FROM PRODUCTION
Further to the announcement on 28 March 2013, Empyrean (AIM: EME) is pleased to announce that it has completed its first repayment of an amount totaling US$1,000,000 on its term debt facility with Macquarie Bank Limited.
This repayment reduces the amount currently outstanding on the facility to US$9,521,664. The Company expects that further draw downs on the facility will take place to fund the development of its 3% working interest in the Sugarloaf AMI, an Eagle Ford Shale oil, condensate and gas development project operated by Marathon Oil Company.
The Company is already well positioned to meet its next quarterly repayment obligation.
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.com
M: +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 57.2% interest in the Eagle Oil Pool Development Project located in the San Joaquin Basin, southern California.
Empyrean's portfolio includes an interest in over 90 producing wells with scaleable growth potential from further development and exploration upside.