12 September 2013
Empyrean Energy PLC
("Empyrean" or the "Company"; Ticker: EME)
Sugarloaf AMI Project: Onshore Texas, USA
Empyrean Energy Plc, the AIM-listed condensate and gas exploration and production company focused on the Eagle Ford Shale, Texas, USA, notes that Marathon Oil Corporation (NYSE:MRO) ("Marathon"), the operator of Empyrean's interests in the Sugarloaf AMI has lodged new well permits since June 2013 that imply a 40 acre spacing between a number of the newly permitted wells. Empyrean notes that Marathon has been undertaking a study and testing to establish optimal well spacing for the future development of the field.
Whilst these recent permits are encouraging, Empyrean wishes to clarify Marathon's current position with respect to the permits and spacing in general as follows:
"Any wells at 350' foot spacing are ongoing "pilot" wells in the expanding infill density spacing program. Marathon continues to widely test 40 ac groups of wells as part of the process to test the relative performance and economic merits of higher infill density. Until Dec of 2013, Marathon does not anticipate any public declaration of commercial spacing in the Sugarloaf AMI area."
Commenting today, Empyrean CEO Tom Kelly said, "The JV continues to test spacing below 80 ac across the AMI area to validate well performance with expectations of more detailed development plans in late 2013 becoming available."
Further Information
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.
**ENDS**
For further information please visit www.empyreanenergy.com or contact the following:
Tom Kelly |
Empyrean Energy plc |
Tel: +618 9480 0111 |
Anita Ghanekar |
Shore Capital Stockbrokers Limited |
Tel: +44 (0) 207 408 4090 |
Edward Mansfield |
Shore Capital Stockbrokers Limited |
Tel: +44 (0) 207 408 4050 |
Hugo de Salis |
St Brides Media & Finance Ltd |
Tel: +44 (0) 20 7236 1177 |
Elisabeth Cowell |
St Brides Media & Finance Ltd |
Tel: +44 (0) 20 7236 1177 |
Lottie Brocklehurst |
St Brides Media & Finance Ltd |
Tel: +44 (0) 20 7236 1177 |
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, 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 91 producing wells with scaleable growth potential from further development and exploration upside.
