Empyrean Energy in the black as Sugarloaf output rises
By BFN News | 08:09 AM | Thursday 03 May, 2012
Empyrean Energy bounced into the black in the year to the end of March as revenues soared.
The company posts after-tax profits of £675,000 against a loss of £5.4m in 2011 on revenues of £2.69m - up from £811,000 a year ago.
Empyrean chief executive Tom Kelly said: "We are delighted with progress at Empyrean's flagship Sugarloaf project, where higher production resulted in increased revenues and a reported profit in the year to 31 March 2012.
"Recent corporate activity that includes the Sugarloaf project also underpins the board's view on the current and potential future value for Empyrean's interest in the project.
"We are now focused on participating in the aggressive development drilling programme being implemented by the operator, Marathon, and expect the reserves-based lending facility with Macquarie to fund our obligations in the current year.
"We look forward to the future with confidence, anticipating good scope for production and value growth and reserve upgrades in this liquids-rich Eagle Ford Shale play as drilling and development continues at a rapid pace."
At 8:09am: (LON:EME) share price was +0.75p at 9.25p
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