Operational Update

RNS Number : 7052D

Empyrean Energy PLC

01 May 2013

 

1 May 2013

Empyrean Energy PLC

("Empyrean" or the "Company"; Ticker: (EME))

Sugarloaf Project: Onshore Texas, USA

Operational Update

·    Further increase in the 2013 drilling schedule at Sugarloaf AMI

Empyrean Energy (AIM: EME), the condensate and gas producer, is pleased to announce that  further to the announcement on 6 March 2013, Marathon Oil Corporation (NYSE: MRO) has informed Empyrean that eight gross wells have been added to the drilling schedule for 2013. This brings the total gross wells anticipated to be drilled during calendar year 2013 up to 38 from the previously reported 30 wells. Clarification had been sought on a well that was spud in January and which had been inadvertently omitted from the updated drill schedule the Sugarloaf AMI partners had received recently - this well has been confirmed and included.

The current drilling schedule includes a program to test at least two Austin Chalk wells within the Sugarloaf AMI. The Austin Chalk overlies the Eagle Ford Shale which has been the focus of development activity to date. The most recent independent reserves report released by Empyrean on 14 December 2012 booked reserves based predominantly on Eagle Ford Shale locations. Successful testing and viable production from these Austin Chalk wells has the potential to add significantly to recoverable reserves and value. 

Empyrean holds approximately 3 percent working interest in the Sugarloaf AMI. Recently received information confirms that there were 81 gross wells in production at the end of March 2013, an increase of 2 gross wells over the 79 gross wells known to be in production at the time of Empyrean's operational update dated 19 April 2013.

As previously stated, the 2013 drilling schedule may be subject to further revisions and change during the course of the year.

Empyrean CEO, Tom Kelly commented "Empyrean welcomes the inclusion of additional wells to an already exciting 2013 drilling schedule. Of particular importance are the Austin Chalk wells that have potential for a significant impact on reserves."

The information contained in this announcement was completed and reviewed by the Technical Director of Empyrean Energy Plc, Mr Frank Brophy BSc (Hons) who has over 40 years experience as a petroleum geologist.

For further information

Empyrean Energy plc 

Tom Kelly

[phone]

Shore Capital

Anita Ghanekar

Edward Mansfield

[phone]

Jonathan Charles

Lionsgate Communications

E: [e-mail]

M: [phone] 

www.lionsgatecomms.com 

Notes to Editors:

Empyrean Energy Plc is an AIM listed (Ticker : EME) condensate and gas exploration and production company focused on the Eagle Ford Shale, Texas, USA. Other assets include a 10% working interest in the Riverbend Project, Texas, just north of the prolific Brookeland Field (Austin Chalk) as well as a 57.2% interest in the Eagle Oil Pool Development Project located in the San Joaquin Basin, southern California.

Empyrean's portfolio includes an interest in over 80 producing wells with scaleable growth potential from further development and exploration upside.

 

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