Last checked at 30 Sep 2015 10:30
Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas
30 September 2015
Empyrean Energy PLC ('Empyrean' or 'the Company')
Result of General Meeting
Empyrean Energy, the profitable US onshore oil, gas and condensate exploration, development and production company with assets in Texas and California, held its General Meeting today and all resolutions were duly passed.
**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 and gas development and production company focused primarily on the advancement of its 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 (approximately 720 net acres) centrally positioned in the liquids rich sweet-spot within the field. Empyrean has an interest in over 241 gross producing wells with full development having the potential to reach over 1,000 wells and with further upside potential from additional formations and closer well spacing. The Company has a term debt facility of up to US$50 million with Macquarie Bank in place, subject to ongoing reserve and performance criteria, in order to develop this acreage which is operated by US major Marathon Oil Company.
Other assets include a 58% 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 currently producing from the Wilcox formation.