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Empyrean Energy waits to see Sugarloaf drill schedule

Empyrean Energy waits to see Sugarloaf drill schedule

Empyrean Energy (LON:EME) tempered expectations among investors as it clarified that it has not yet received a drill schedule from Marathon Oil, the operator of the Sugarloaf project.

In response to a statement from Australian oil firm AWE, a fellow Sugarloaf stakeholder, which refers to a 100 to 110 well drill programme at the project in 2014, said that Marathon had only provided indicative guidance that it may drill that number of wells.

“At this stage, Empyrean has not received a drilling schedule for 2014 from Marathon, nor details of the well locations or targeted formations,” Empyrean said in a stock market statement.

“In line with the company's standard practice, Empyrean expects to provide further guidance once a detailed drilling schedule is received from the operator.

“The well count guidance released by AWE should be regarded as indicative only at this stage and is subject to further review.”

The AIM quoted firm told investors that Marathon’s present guidance indicates there will be a significant rise in the number of well drilled in next year compared to 2013, when 48 wells were drilled.

“Empyrean believes that an accelerated drilling pace, in conjunction with the tighter spacing regime, will have a positive impact on reserves and production, especially if Marathon is able to achieve its stated well cost targets,” the company added.

AWE owns a 10% interest in Sugarloaf, whilst Empyrean has 3%.

Jamie Ashcroft
December 18 2013 Jamie Ashcroft
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“From a timing perspective, we believe there is still a lot of time for the drill programme but the window is shortening for us to accomplish what we want to accomplish,” Chris McLean, COPL chief financial officer told Proactive.

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