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Empyrean Energy PLC

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Market:
AIM
Market Cap:
£35.04 m
Price
7.91 GBX
Change
-1.74%
52 weeks high
11.50
52 weeks low
7.53

In brief

Empyrean is an AIM listed profitable onshore US oil & gas development and production company.  Its primary focus is on its 3% interest in the Marathon Oil operated Sugarloaf AMI centrally positioned in the liquids rich sweet-spot within the Eagle Ford Shale Texas – the largest oil and gas development in the world based on capital invested. Empyrean is well-positioned to benefit from Marathon's rapid and highly-efficient drilling programme at Sugarloaf and to capitalise on the significant additional upside available from initiatives.  As at 2 September 2015, Empyrean had an interest in 241 gross producing wells with full development expected to reach over 770 wells.  The Company has a term debt facility of up to US$50 million with Macquarie Bank, subject to reserve hurdles and drawdown approvals, in place in order to develop this acreage.