Admission of Ordinary Shares

RNS Number : 3282A

Empyrean Energy PLC

18 February 2014

 



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

18 February 2014

Empyrean Energy plc

Admission of Ordinary Shares

Further to its announcement on 12 February 2014, Empyrean Energy plc ("Empyrean" or the "Company") confirms that admission of the 150,000 new ordinary shares in the Company issued following the exercise of options is now expected to take place on 19 February 2014. The shares will rank pari passu with the existing ordinary shares of 0.02p each in the Company.

Following the transaction, Empyrean's total issued and voting share capital will comprise 220,783,853 ordinary shares.  This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company.

**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]
Beth McKiernan	Cenkos Securities Plc	Tel: [phone]
Hugo De Salis	St Brides Media & Finance Ltd	Tel: [phone]
Elisabeth Cowell	St Brides Media & Finance Ltd	Tel: [phone]
Lottie Brocklehurst	St Brides Media & Finance 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 focussed 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 centrally positioned in the liquids rich sweet-spot within the field.  Empyrean has an interest in 119 gross producing wells with full development expected to reach over 400 wells and further upside potential from the Austin Chalk development that may be in the order of a further 300 wells.  The Company has 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 57.2% 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.

 

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