Less Ads, More Data, More Tools Register for FREE

Pin to quick picksEmpyrean Regulatory News (EME)

Share Price Information for Empyrean (EME)

Share Price is delayed by 15 minutes
Get Live Data
0.075    0.0075 (11.11%)
Bid:
0.07
Ask:
0.08
Spread: 0.01 (14.286%)
Market Cap: £4.29m
EME Live PriceLast checked at - London Stock Exchange

Intraday Empyrean Share Chart

Sugarloaf: Marathon permit update

12 Sep 2013 08:00

RNS Number : 8152N
Empyrean Energy PLC
12 September 2013
 

12 September 2013

Empyrean Energy PLC

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

 

Sugarloaf AMI Project: Onshore Texas, USA

 

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.

 

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:

 

"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."

 

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."

 

Further Information

 

 

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.

 

**ENDS**

 

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

 

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

 

 

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, 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 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
 
END
 
 
MSCNKBDPABKKACD
Date   Source Headline
19th Mar 200711:16 amRNSProject Margarita Update
12th Mar 20078:00 amRNSSugarloaf-1 Update
6th Mar 20079:15 amRNSDrilling Report
28th Feb 20075:23 pmRNSTotal Voting Rights
27th Feb 20079:44 amRNSMargarita Drilling Update
23rd Feb 20077:01 amRNSHolding(s) in Company
22nd Feb 20073:58 pmRNSIssue of Warrants
22nd Feb 20077:47 amRNSDrilling Update
21st Feb 200710:01 amRNSSugarloaf Well Testing Amend
21st Feb 20079:15 amRNSSugarloaf Well Testing Update
14th Feb 20077:03 amRNSSugarloaf Testing Program
6th Feb 20078:17 amRNSHolding(s) in Company
2nd Feb 20077:16 amRNSDrilling Update
1st Feb 20071:18 pmRNSHolding(s) in Company
29th Jan 20077:57 amRNSTesting Program
26th Jan 200711:45 amRNSIssue of Equity
11th Jan 200712:17 pmRNSDrilling Update-Replacement
10th Jan 20077:18 amRNSDrilling Update
29th Dec 20068:24 amRNSInterim Results
21st Dec 20067:55 amRNSDrilling Report
18th Dec 20069:05 amRNSTotal Voting Rights
13th Dec 20068:29 amRNSSugarloaf - Weekly Update
6th Dec 20067:36 amRNSDrilling Update
5th Dec 20067:55 amRNSProject Margarita
4th Dec 20069:10 amRNSDrilling Update
29th Nov 20067:04 amRNSDrilling Update
27th Nov 20063:13 pmRNSExercise of Warrants
22nd Nov 20067:23 amRNSDrilling Update
17th Nov 20067:39 amRNSSugarloaf-1 Gas Show
15th Nov 20067:07 amRNSDrilling Report
10th Nov 20067:25 amRNSSugarloaf-1 Gas Indications
9th Nov 20067:43 amRNSSugarloaf-1 Gas Indications
8th Nov 20067:00 amRNSDrilling Update
1st Nov 20067:00 amRNSDrilling Update
31st Oct 20064:19 pmRNSGrant of Options
25th Oct 20067:01 amRNSDrilling Update
18th Oct 20068:09 amRNSDrilling Update
17th Oct 20063:30 pmRNSOperations Update
11th Oct 20067:24 amRNSDrilling Update
4th Oct 20067:11 amRNSDrilling Update
4th Oct 20067:00 amRNSResignation of a Director
29th Sep 200610:35 amRNSRestoration - Empyrean Energy
29th Sep 200610:35 amRNSDrilling Update
29th Sep 20067:55 amRNSSuspension - Empyrean Energy
27th Sep 20067:06 amRNSDrilling Update
20th Sep 20067:00 amRNSDrilling Update
18th Sep 200611:01 amRNSOperations Update
13th Sep 20067:08 amRNSDrilling Update
6th Sep 20067:00 amRNSDrilling Update
30th Aug 20067:03 amRNSDrilling Update

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.