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Empyrean Energy confirms rising production from Eagle Ford shale

Empyrean Energy confirms rising production from Eagle Ford shale

US focused shale firm Empyrean Energy (LON:EME) today revealed a 34% increase in production in the three months to January 31.

The group’s net production from its interests in the Eagle Ford shale operations, in Texas, averaged 544 barrels of oil equivalent per day (boepd) in January, but, this does not include the production of natural gas liquids (NGLs) which are extracted and measured later.

The figures released today are more than double the rate of net production seven months ago, in July, which stood at 234 boepd.

Empyrean has varying minority interests in 69 producing wells on Marathon Oil’s Sugarloaf project, within the Eagle Ford shale play. More wells are in the process of being drilled and some are currently offline.

The AIM quoted company highlights that in its recent results Marathon confirmed that the Eagle Ford shale is now among its priorities for growth.

"Empyrean is very encouraged from the trends emerging from the production data. It is great to see that Marathon have stated that the Eagle Ford Shale is the cornerstone for their growth strategy,” said chief executive Tom Kelly.

“We look forward to the further development of the project and to the results of stated initiatives to improve production and possibly add to reserves.

“There is a clear commitment to the Eagle Ford Shale by some of the biggest oil and gas companies in the world. Empyrean is fortunate to have a slice of the action and has been able to hang in there with much larger companies as the value of our asset has demonstrably grown."

 

Graph showing the positive trend 

 

 

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