Last checked at 8 Sep 2015 07:00
Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas
8 September 2015
Empyrean Energy PLC ('Empyrean' or 'the Company')
Posting of Annual Report and Notice of General Meeting
Empyrean, the profitable US onshore oil, gas and condensate exploration, development and production company with assets in Texas and California, announces that a General Meeting ('GM') will be held at The Royal Institution of Great Britain, 21 Albemarle Street, London W1S 4BS at 10.00 a.m. on 30 September 2015. The Annual Report and Accounts and Notice of GM, which are both being posted to shareholders today, are also available to download from the Company's website at www.empyreanenergy.com.
**ENDS**
For further information please visit www.empyreanenergy.com or contact the following:
Tom Kelly | Empyrean Energy plc | Tel: +618 9481 0389 |
Neil McDonald | Cenkos Securities Plc | Tel: +44 (0) 131 220 9771 / +44 (0) 207 397 1953 |
Nick Tulloch | Cenkos Securities Plc | Tel: +44 (0) 131 220 9772 |
Hugo De Salis | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Elisabeth Cowell | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Lottie Brocklehurst | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Notes to Editors:
Empyrean Energy Plc is an AIM listed (Ticker: EME) profitable US on-shore oil, gas and condensate exploration, development and production company with assets in Texas and California. The Company's portfolio represents a mix of assets at various stages of development. Its flagship project is the Sugarloaf AMI in the prolific Eagle Ford Shale, Texas, where it has a 3% working interest in approximately 24,000 gross acres centrally positioned in the liquids rich sweet-spot within the field. Empyrean has an interest in 241 gross producing wells with full development expected to reach over 770 wells. Further development of the Eagle Ford Shale is anticipated to require in the order of a further 300 wells, with down spacing potential of a further 200 wells. Both the Upper Eagle Ford and the Austin Chalk formations provide additional upside potential with the Austin Chalk anticipated to require in the order of a further 300 wells, with down spacing potential of a further 235 wells. The Company has a term debt facility of up to US$50 million with Macquarie Bank, subject to reserve hurdles and drawdown approvals, in place in order to develop this acreage which is operated by US major Marathon Oil Company.
Other assets include a 58.084% interest in the Eagle Oil Pool Development Project located in the San Joaquin Basin, southern California, a proven oil and gas province. Empyrean's large working interest in this project provides the Company with flexibility and leverage with potential high impact from success. Additionally, Empyrean has a 7.5% interest in the Sugarloaf Block A operated by ConocoPhillips in the Eagle Ford Shale, and a 10% working interest in the Riverbend Project in Texas.