Notice of General Meeting

RNS Number : 7602S

Empyrean Energy PLC

10 July 2015

 

Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas

10 July 2015

Empyrean Energy PLC ('Empyrean' or 'the Company')

Notice of General Meeting

Empyrean, the profitable US onshore oil, gas and condensate exploration, development and production company with assets in Texas and California, announces that a General Meeting ('GM') will be held at The Royal Institution of Great Britain, 21 Albemarle Street, London W1S 4BS at 10.00 a.m. on 27 July 2015.  At the meeting, Technical Director, Frank Brophy, will update attendees with a presentation which will be made available on the Company's website following the meeting.  The Notice of GM, which is being posted to shareholders today, can also be found on the Company's website at www.empyreanenergy.com. 

In order to secure the Macquarie Bank Limited ('Macquarie') financing referred to in the announcement dated 1 April 2015, the Company conditionally agreed to issue a further tranche of options to Macquarie in respect of 15,000,000 ordinary shares in the Company (the 'Options') at an exercise price of £0.10 per Option and with an expiry date of 4 years from the date of issue of the Options. The Company does not currently have sufficient authority to enable the grant of the Options and, accordingly, Shareholder approval will be sought via the GM.

For further information, please read the Company's announcement dated 1 April 2015. 

**ENDS**

For further information please visit www.empyreanenergy.com or contact the following:

Tom Kelly	Empyrean Energy plc	Tel: [phone]
Neil McDonald	Cenkos Securities Plc	Tel: [phone]
Nick Tulloch	Cenkos Securities Plc	Tel: [phone]
Hugo De Salis	St Brides Partners Ltd	Tel: [phone]
Elisabeth Cowell	St Brides Partners Ltd	Tel: [phone]
Lottie Brocklehurst	St Brides Partners Ltd	Tel: [phone]

Notes to Editors:

Empyrean Energy Plc is an AIM listed (Ticker: EME) profitable US on-shore oil and gas development and production company focused primarily on the advancement of its assets in Texas and California.  The Company's portfolio represents a mix of assets at various stages of development.  Its flagship project is the Sugarloaf AMI in the prolific Eagle Ford Shale, Texas, where it has a 3% working interest in approximately 24,000 gross acres (approximately 720 net acres) centrally positioned in the liquids rich sweet-spot within the field.  Empyrean has an interest in over 231 gross producing wells with full development having the potential to reach over 1,000 wells and with further upside potential from additional formations and closer well spacing.  The Company has a term debt facility of up to US$50 million with Macquarie Bank in place in order to develop this acreage which is operated by US major Marathon Oil Company.

Other assets include a 58% interest in the Eagle Oil Pool Development Project located in the San Joaquin Basin, southern California, a proven oil and gas province.  Empyrean's large working interest in this project provides the Company with flexibility and leverage with potential high impact from success.  Additionally, Empyrean has a 7.5% interest in the Sugarloaf Block A operated by ConocoPhillips in the Eagle Ford Shale, and a 10% working interest in the Riverbend Project in Texas currently producing from the Wilcox formation.

 

END

 

 

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