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Sugarloaf: Marathon permit update

12 Sep 2013 08:00

RNS Number : 8152N
Empyrean Energy PLC
12 September 2013
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12 September 2013

Empyrean Energy PLC

("Empyrean" or the "Company"; Ticker: EME)

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Sugarloaf AMI Project: Onshore Texas, USA

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Empyrean Energy Plc, the AIM-listed condensate and gas exploration and production company focused on the Eagle Ford Shale, Texas, USA, notes that Marathon Oil Corporation (NYSE:MRO) ("Marathon"), the operator of Empyrean's interests in the Sugarloaf AMI has lodged new well permits since June 2013 that imply a 40 acre spacing between a number of the newly permitted wells. Empyrean notes that Marathon has been undertaking a study and testing to establish optimal well spacing for the future development of the field.

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Whilst these recent permits are encouraging, Empyrean wishes to clarify Marathon's current position with respect to the permits and spacing in general as follows:

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"Any wells at 350' foot spacing are ongoing "pilot" wells in the expanding infill density spacing program. Marathon continues to widely test 40 ac groups of wells as part of the process to test the relative performance and economic merits of higher infill density. Until Dec of 2013, Marathon does not anticipate any public declaration of commercial spacing in the Sugarloaf AMI area."

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Commenting today, Empyrean CEO Tom Kelly said, "The JV continues to test spacing below 80 ac across the AMI area to validate well performance with expectations of more detailed development plans in late 2013 becoming available."

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Further Information

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The information contained in this announcement was completed and reviewed by the Technical Director of Empyrean Energy Plc, Mr Frank Brophy BSc (Hons) who has over 40 years experience as a petroleum geologist.

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**ENDS**

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For further information please visit www.empyreanenergy.com or contact the following:

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Tom Kelly

Empyrean Energy plc

Tel: +618 9480 0111

Anita Ghanekar

Shore Capital Stockbrokers Limited

Tel: +44 (0) 207 408 4090

Edward Mansfield

Shore Capital Stockbrokers Limited

Tel: +44 (0) 207 408 4050

Hugo de Salis

St Brides Media & Finance Ltd

Tel: +44 (0) 20 7236 1177

Elisabeth Cowell

St Brides Media & Finance Ltd

Tel: +44 (0) 20 7236 1177

Lottie Brocklehurst

St Brides Media & Finance Ltd

Tel: +44 (0) 20 7236 1177

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Notes to Editors:

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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, as well as a 57.2% interest in the Eagle Oil Pool Development Project located in the San Joaquin Basin, southern California.

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Empyrean's portfolio includes an interest in over 91 producing wells with scaleable growth potential from further development and exploration upside.

This information is provided by RNS
The company news service from the London Stock Exchange
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END
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MSCNKBDPABKKACD
Date   Source Headline
10th Feb 201112:27 pmRNSUpdate - Riverbend Project, onshore Texas, USA
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23rd Dec 20107:00 amRNSHalf Yearly Report
20th Dec 20107:25 amRNSSugarloaf Project Operations Update
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18th Nov 20109:01 amRNSDraw down of Convertible Loan Facility
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3rd Nov 20107:00 amRNSNominated adviser and broker change of name
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14th Oct 20107:41 amRNSSugarloaf Project Block B Update
23rd Sep 20107:24 amRNSSugarloaf Project Block B Update
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6th Sep 20107:05 amRNSHercules Prospect, BP America Well Update
20th Aug 20107:15 amRNSRiverbend Project Update
13th Aug 20107:45 amRNSSugarloaf Project Block B Update
13th Aug 20107:41 amRNSBulletin Board investigation
5th Aug 20107:41 amRNSSugarloaf Project Block B Update
15th Jul 20107:43 amRNSSugarloaf Project Block B Update
6th Jul 20107:58 amRNSSugarloaf Project Block B Update
2nd Jul 20107:55 amRNSSugarloaf Project Block B Update
28th Jun 201012:11 pmRNSDirector/PDMR Shareholding
23rd Jun 201010:16 amRNSResult of AGM
17th Jun 20107:58 amRNSHercules Prospect Update
8th Jun 20107:37 amRNSSugarloaf Project Block B Update
4th Jun 20107:00 amRNSSugarloaf Project Block B Update
1st Jun 20107:52 amRNSCartwright No.1 well spuds
28th May 201011:30 amRNSGrant of Options
28th May 20107:00 amRNSNotice of AGM
28th May 20107:00 amRNSFinal Results
21st May 20107:21 amRNSSugarloaf Project Block B Update
5th May 20107:20 amRNSSugarloaf Project Block B Update
4th May 20108:08 amRNSSugarloaf Project Block B Update
4th May 20108:05 amRNSGlantal Project
22nd Apr 20107:38 amRNSSugarloaf Project Block B Update
19th Apr 20107:58 amRNSSugarloaf Project Block B Update
14th Apr 20108:45 amRNSFurther Placing brings total raise to ?3.6 million

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