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Empyrean Energy receives more cash than expected from US oil and gas operations

Published: 11:16 26 Jul 2012 BST

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Empyrean Energy (LON:EME) said it received more cash than expected from its US oil and gas operations in the period from December 2011 to May 2012.

Cash received from its production assets including the Sugarloaf project, the Hercules project - which has now been sold - and the Riverbend project totaled US$2 million for the period, a 20 percent rise over the preceding six months.

During the period, a new operator took over at Sugarloaf who in February accelerated activities there. 

The revenue is greater than the board’s expectations for the period.

As at 12 June 2012 there were 36 wells in production, and currently a further 7 wells are undergoing completion and stimulation operations with a further 4 wells drilling ahead.

A further 13 new wells that are expected to be spud in the near term.

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