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Empyrean Energy Plc is an AIM listed (Ticker: EME) profitable US on-shore oil and gas development and production company focussed 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 centrally positioned in the liquids rich sweet-spot within the field.  Empyrean has an interest in 121 gross producing wells with full development expected to reach over 400 wells and further upside potential from the Austin Chalk development that may be in the order of a further 300 wells.  The Company has term debt facility of up to US$50 million with Macquarie Bank in place in order to develop this acreage which is operated by US major Marathon Oil Company.

Website:
http://www.empyreanenergy.com
Phone:
+618 9480 0111
Address:
200 Strand, London WC2R 1DJ.
Super Sector:
Energy
Sector:
Oil & Gas Producers
Industry:
Exploration & Production
EPIC / Symbols:
LON:EME
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*subject to change and depends on individual circumstances.

Empyrean Energy RNS Press Releases

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Empyrean Energy Articles, News, and Media Files

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Broker press

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  • 13/08/10
    +0.00 +5.88

    a second oil and gas explorer said it is seeking to unmask users of investor bulletin boards who have posted defamatory statements about it online. Empyrean Energy PLC (EME.LN), an explorer focused on the U.S., said it intends to take further action against bulletin board users it says published false statements about the company and its management. It added some of the posters may also have breached market abuse regulations. Empyrean?s move comes days after peer Nighthawk Energy PLC (HAWK.LN) was successful in persuading a U.K. court to force websites to divulge the identities of users it too claimed posted defamatory remarks about it. Empyrean director Tom Kelly said: "This is a shot across the bow for anyone contemplating using the bulletin boards for disseminating defamatory or deceitful information... read more

  • 31/10/08
    +4.00 +42.00

    +4, (42) the group gives a positive update on its Sugarloaf Prospect in Texas. The company says the Block A-4 well has consistent flow... read more

  • 04/08/08

    02.08.08: an article in the Times reports: Empyrean Energy rose 4p to 33.5p on the back of encouraging gas shows at its Sugarloaf Block A4 well.

  • 29/05/08

    an article in the Times reports: 29.05.08: -1, (66.5) an article in the Times reports: Empyrean Energy rose 10.5p to 66.5p after new drilling results indicate at least... read more

  • 30/08/07

    an article in the Independent reports: 30.08.07: -1.5, (47.5) an article in the Independent reports: Empyrean Energy rose 9.5p to 49p after a drilling update at its Sugarloaf... read more

Director dealings

  • Page 1 of 4
Date Director Trans Amount Type Price(p) Value (£) Holding %
14/08/13 J.H.S. Laycock EX 200,000 OPT 8.00 16,000 900,000 0.41
30/07/12 J. Laycock EX 300,000 OPT 6.00 18,000 700,000 0.33
27/07/12 T. Kelly BUY 150,000 ORD 7.50 11,250 20,881,562 9.76
06/03/12 T. Kelly SELL 100,000 ORD 7.25 7,250 20,731,562 9.75
06/03/12 F. Brophy SELL 100,000 ORD 7.25 7,250 2,233,333 1.05

BASIC RESULTS INFORMATION

  • Page 1 of 4
Date Type Turnover Profit EPS (p) Dividend (p) Currency
30/09/13 Interim 3.83 2.25 1.02 0.00 GBX
31/03/13 Full year 5.89 2.01 0.93 0.00 GBX
30/09/12 Interim 1.62 0.07 0.03 0.00 GBX
31/03/12 Full year 2.69 0.68 0.35 0.00 GBX
30/09/11 Interim 1.17 0.41 0.44 0.00 GBX

Company Statement

 

Empyrean Energy plc is an oil and gas explorer and producer listed on the London Stock Exchange AIM market.

 

Empyrean was established to finance the exploration, development and production of energy resource projects in geopolitically stable environments.

 

Empyrean's current core asset is a working interest in the Sugarloaf Project in Texas which is an advanced Eagle Ford Shale condensate and gas development operated by Marathon Oil Company.

 

Empyrean has a strong management team, with many years experience in both the global investment and energy industry. The company is currently involved in four projects and continues to pursue other exciting energy opportunities.

 

Within a short period of time, Empyrean has proven its ability to identify, analyse, negotiate and fund excellent projects with an appropriate mix of risk versus reward. Empyrean will continue to balance out its portfolio of projects with a continual review of opportunities globally. Empyrean has typically participated in late stage exploration and can fast track the process from identification of a suitable project through to funding and drilling.

Current Operations

 

The Company is currently involved in several projects, being:

  • Sugarloaf, Hosston
  • Riverbend, Texas
  • Eagle Oil, California [48.5% working interest]

 

PROJECTS: SUGARLOAF PROJECT, TEXAS USA

(EME Working  Interest 3%)*

*EME has a greater interest in Kennedy IH Well and Kowalik 228-R Well

* EME has a smaller interest in wells that are drilled horizontally and across border into adjoining acreage that EME does not have an interest in and the percentage interest varies according to their location. As a general rule, the Company has an across the board intered of 3%

Sugarloaf project is an Eagle Ford Shale development project operated by Marathon Oil Company and is considered to be one of the premier hydrocarbon development plays in the USA. It is also considered to be one of the most important onshore hydrocarbon discoveries in recent times. The Sugarloaf AMI is ideally situated in the liquids rich zone of the greater Eagle Ford Shale regional play.

 

Empyrean Energy participates in approximately 24,300 gross acres and this acreage is expected to require more than 300 wells to fully develop.

 

Current production is derived predominantly from the Eagle Ford Shale with further upside potential existing from the overlying Austin Chalk. Marathon has commenced a pilot programme of wells to be completed in the Austin Chalk to test the viability of adding this zone to the existing Eagle Ford Shale development. Marathon_1A successful pilot programme would pave the way for additional recoverable reserves and resources to be added to the project. Additional upside exists from other formations, including the Pearsall Shale which has also been earmarked by Marathon for test work along with the Wilcox Formation.

 

Empyrean Energy also has an interest in a small number of producing wells on a nearby acreage operated by ConocoPhillips.

 

For more information please click here

 

PROJECTS: RIVERBEND PROJECT, TEXAS USA

(EME Working Interest 10%)

Background

Empyrean Energy announced on the 1 June 2009 that it had entered into a Participating Agreement with Krescent Energy Partners II, LP of Houston, Texas ("Krescent") to acquire a 10% working interest in Krescent's Riverbend Project.

 

The Project Area  is located in the Tyler and Jasper Counties. The Area is also ideally located south of the prolific Brookeland Field (Austin Chalk).The project targets primarily the Austin Chalk and Saratoga Formation.

 

An unsuccessful attempt in 2010 to re-enter the highly-pressured Austin Chalk reservoir of Quinn 3-H was followed by the successful drilling of the Cartwight  No1 well in the same year.

 

Unfortunately production of gas and condensate was permanently impeded by a downhole obstruction in the producing zone.

 

The Austin Chalk interval was consequently plugged to enable perforation and eventual production from a secondary target zone, the Wilcox Formation, located at a shallower depth in the well.

 

Gas and condensate production to sales recommenced on the 11 May 2013. Early production of 40 barrels of condensate per day was in line with expectations , although the gas production of 745,000 cubic feet of gas per day exceeded expectations.

 

During the 8 months of production in 2013 the well produced 4,158 barrels of condensate and 121,156 thousand cubic feet of gas.

 

 

PROJECTS: EAGLE OIL POOL DEVELOPMENT, CALIFORNIA USA 

(EME Interest 48.5%)

 

The Eagle Oil Pool Development Project is located in the San Joaquin Basin, southern California. It is a proven oil and gas province and has produced in excess of 12 billion barrels and 11 trillion cubic feet of gas. The project area covers approximately 4300 acres.

 

The primary target is the Gatchell Sand Member of the Eocene Lodo Formation. It is estimated that the Eagle Oil pool has mean (P50) recoverable reserves of 7.1 million barrels of oil and 12.3 billion cubic feet of gas.

 

Empyrean Energy Plc increased its interest from 38.5 % to 48.5% when original operator, ASX-listed Victoria Petroleum NL, was replaced by the American company, R&M Oil & Gas in 2009. Subsequently, Strata-X, Inc has become operator of the project.

 

The Eagle North -1 well drilled in 2006 encountered oil but was abandoned due to technical problems. The results of a drilling programme at present underway in adjacent acreage could influence future seismic configuration if the expected   geological objectives in addition to the Gatchell Sand Member  are encountered .

Management

Dr Patrick Cross - Non Executive Chairman

Dr Cross has international experience in corporate finance, organisation structures, marketing and joint venture operations. His previous positions include 25 years with BP specialising in marketing, strategic planning and business development across different cultures. He also worked for two years as President of Cable & Wireless Japan, and six years as Managing Director of BBC World Ltd. Patrick has operated in South America, Asia, Europe and the United Kingdom establishing relationships at senior levels with major companies, Governments and the European Commission. He is non-executive chairman of Mercom Oil Sands plc and was a non-executive director of Orca Interactive Limited until that company was successfully sold in 2008.

 

Tom Kelly - CEO/ Director

Mr Kelly has had more than 17 years corporate, finance and investment banking experience. During this period, Tom has had involvement in and been responsible for the financing of numerous listed companies on the Australian Securities Exchange (ASX) and several mergers and acquisitions within the Australian corporate sector. He is a Senior Associate of the Financial Services Institute of Australasia.

 

Frank Brophy - Technical Director

Mr Brophy has over 44 years experience as a petroleum geologist in the exploration, development and production of many world class projects. His roles have seen him involved in operations around the world, including Australia, Asia, Europe, USA and the Middle East. More recent overseas activities include four years as General Manager of the Hanoi operation in North Vietnam, for France based company Maurel & Prom, and almost two years in Sicily representing the same company in gas appraisal and development. Frank's previous positions also include his former role as Manager of International Business Development for Ampolex Limited, Chief Geologist of Elf Aquitaine Australia and Exploration Manager for five years with Peko Oil Limited.  He is currently a non-executive director of ASX listed Golden Gate Petroleum Ltd.

 

John Laycock - Financial Director

Mr Laycock has over 30 years experience in accounting, finance and risk management. His previous positions include 22 years with BP both in UK and international experience in France and Japan. John has a degree in Mechanical Engineering from Bristol University and is a Chartered Management Accountant. He is based in the UK and currently works for an electricity generating company.

 

Amanda Wilton-Heald - Company Secretary & Financial Controller

Mrs Wilton-Heald is a Chartered Accountant with over eleven years of experience within Australia and the UK. Mrs Wilton-Heald has six years experience as an auditor, where she was involved in the audit of ASX listed and LSE listed company Financial Statements. Mrs Wilton-Heald has five years accounting experience with a UK AIM listed company specialising in the provision of collaboration technology. Mrs Wilton-Heald has been involved in the listing of junior explorer companies on the ASX and has experience in corporate advisory and company secretarial services. Mrs Wilton-Heald is currently Company Secretary of ASX Listed Cortona Resources Limited, Jacka Resources Limited and Potash West NL.

Major Shareholders

 

For more information please click here

  • Additional Information
    Market
    AIM
    EPIC
    EME
    Share Price
    17.75p
    Change
    0
    Volume
    626,407
    Dividend
    0
    EPS
    0.93
    Shares
    221.43 m
    Offer
    18
    Bid
    17.5
    Avg. Vol
    1,075,991
    Yield
    0.00
    P/E
    19.09
    Mkt Cap
    £39.30 m
  • Contact Information

    Principal Business Office

    Level 11, London House

    216 St Georges Terrace

    Perth, W.A. 6000                    

    Australia 

     

    Postal Address

    GPO Box 2517

    Perth 

    WA 6831

    Australia

     

    Contact Details

    Email:  enquiries@empyreanenergy.com

     

    Registered Office

    200 Strand

    London 

    WC2R 1DJ

    Corporate Information

    Nominated Adviser

    Cenkos Securities Plc

     

    Nominated Broker

    Cenkos Securities Plc


    Financial PR Advisor

    St Brides Media & Finance  Ltd                                                                               

    3 St Michael's Alley       

    London 

    EC3V 9DS

     

    Auditors & Reporting Accountants

    Chapman Davis Ltd

    2 Chapel Court

    London  

    SE1 1HH

     

    Solicitors to the Company

    Kerman & Co LLP

    200 Strand

    London  

    WC2R 1DJ

     

    Registrars

    Capita Registrars

    34 Beckenham Road,

    Beckenham,

    Kent

    BR3 4 TU

    Tel: 0871 664 0300 

    Calls cost 10p per minute plus network extras.

    Lines are open 8.30am to 5.30pm Mon- Fri

    Tel Overseas: +44 208 639 3399

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