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Empyrean Energy hedges a year’s oil production

Published: 09:29 02 Aug 2013 BST

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Empyrean Energy (LON:EME) has set-up a hedging facility with Macquarie Bank to protect its production revenues from a possible fall in oil prices.

The 12 -month arrangement sees Empyrean selling 50,765 barrels of oil at a fixed price of US$95.90 per barrel.

"Empyrean has taken advantage of recent strength in the WTI oil price to lock in prices for a portion of its expected oil production for the next 12 months,” said chief executive Tom Kelly.

“The hedging is really a form of insurance. The board believes that this initial hedging programme is conservative and prudent given the recent rise in WTI oil price and the company's debt facility with Macquarie Bank."

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