Last checked at 30 Sep 2013 07:00
Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil & Gas
30 September 2013
Empyrean Energy PLC ('Empyrean' or 'the Company')
Makes second repayment of US$1 million on its debt facility with Macquarie Bank Limited from cash proceeds received from Eagle Ford Shale production
Empyrean Energy PLC, the profitable US onshore oil, gas and condensate exploration, development and production company with assets in Texas and California, is pleased to report that, further to the announcement on 2 July 2013, the Company has completed its second repayment of US$1,000,000 on its 3 year term debt facility for up to US$50 million ('Facility') with Macquarie Bank Limited. The payment, which is funded from existing cash flow, reduces the amount currently outstanding on the Facility to US$8,520,664.
The Facility is available to ensure the Company's participation in the development of the Sugarloaf AMI, an Eagle Ford Shale Condensate and Gas development project in onshore Texas ('Sugarloaf'), where Empyrean currently participates in over 91 producing wells. The Company expects that further draw downs will take place to fund the development of its 3% working interest in the Sugarloaf AMI, operated by Marathon Oil Company.
Empyrean CEO Tom Kelly commented, "We are delighted that recent cash flow from our interest in the Sugarloaf AMI has allowed us to make repayments and fund development without the need for further draw downs on the facility at this stage. Having reported a 119% increase in revenues on the year to March 2013 of £5.89m the Company looks forward to the year ahead with anticipation of results from down spacing initiatives in December 2013."
**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 and Corporate Limited | Tel: +44 (0) 207 408 4090 |
Edward Mansfield | Shore Capital and Corporate 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.