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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
20th Aug 20087:00 amRNSAppointment of Finance Direct
20th Aug 20087:00 amRNSSugarloaf Block B Update
15th Aug 20088:00 amRNSAppointment of New Nominated
13th Aug 20087:54 amRNSSugarloaf Update, Block B
1st Aug 20087:30 amRNSSugarloaf Block A Update
31st Jul 20089:26 amRNSSugarloaf Update Block B
21st Jul 20087:42 amRNSSugarloaf Block B - Update
18th Jul 20087:13 amRNSSugarloaf - Block A-4 Update
10th Jul 20088:05 amRNSSugarloaf Block B - Update
30th Jun 20087:00 amRNSTotal Voting Rights
26th Jun 20081:45 pmRNSResult of AGM
24th Jun 20087:00 amRNSSugarloaf Block A Update
23rd Jun 20087:07 amRNSSugarloaf Block B Update
19th Jun 200810:10 amRNSHolding(s) in Company
10th Jun 20087:00 amRNSIssue of Equity
3rd Jun 20085:52 pmRNSHolding(s) in Company
3rd Jun 20082:42 pmRNSAnnual Report and Accounts
3rd Jun 20081:48 pmRNSNotice of AGM
28th May 20087:10 amRNSSugarloaf Block A
27th May 20087:00 amRNSTrading Statement
19th May 20087:03 amRNSSugarloaf Block B Update
7th May 20087:05 amRNSSugarloaf Block B Update
30th Apr 20088:10 amRNSSugarloaf Block A Update
23rd Apr 20089:56 amRNSHolding(s) in Company
21st Apr 20087:00 amRNSSugarloaf Block A Update
17th Apr 20087:10 amRNSSugarloaf Block A - Update
14th Apr 20087:15 amRNSSugarloaf Block A Update
17th Mar 20089:19 amRNSPartner Announcement
27th Feb 20082:39 pmRNSGrant of Options
19th Feb 200812:07 pmRNSStatement re Share Price
18th Feb 20087:54 amRNSProjects Update
11th Feb 20087:00 amRNSBondi Prospect Update
10th Jan 20082:16 pmRNSHolding(s) in Company
10th Jan 20089:36 amRNSBondi Update
18th Dec 20072:39 pmRNSHolding(s) in Company
14th Dec 20077:50 amRNSSugarloaf Block B Update
11th Dec 20071:15 pmRNSInterim Results
10th Dec 20077:33 amRNSBondi Prospect Update
6th Dec 20077:31 amRNSSugarloaf Block B Update
20th Nov 20078:58 amRNSSugarloaf Update
15th Nov 20077:05 amRNSDrilling Report
14th Nov 20079:06 amRNSDrilling Report
8th Nov 20077:46 amRNSDrilling Report
5th Nov 20079:02 amRNSDrilling Report
1st Nov 20077:59 amRNSDrilling Report
31st Oct 20077:12 amRNSDrilling Report
25th Oct 200711:36 amRNSHolding(s) in Company
24th Oct 20077:39 amRNSSugarloaf Update
18th Oct 20077:53 amRNSDrilling Report
10th Oct 20077:35 amRNSBondi Prospect Update

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