Repays USD 2m of Macquarie Facility

RNS Number : 5746B
Empyrean Energy PLC
08 January 2015
 



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

8 January 2015

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

Repays US$2million of term debt facility with Macquarie from cash proceeds received from production

 

Empyrean Energy, the profitable US onshore oil, gas and condensate exploration, development and production company with assets in Texas and California, is pleased to announce that it has completed its scheduled repayment of an amount totalling US$2,000,000 on its facility with Macquarie Bank Limited.  This repayment was made from sales proceeds received from production.

 

The facility is being used to fund Empyrean's share of development costs at the Sugarloaf AMI, an Eagle Ford Shale oil, condensate and gas development project, in which the Company has a 3% working interest ('WI') and which is operated by Marathon Oil Company.

 

After the repayment, the resulting balance currently outstanding on the facility is US$11,670,664.  The Company expects that further drawdowns on the facility will take place to fund the development of its WI in the Sugarloaf AMI.

 

**ENDS**

 

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

 

Empyrean Energy plc

Tom Kelly


Tel: +61 8 9481 0389





Cenkos Securities plc (Rule 3 and Joint Financial Adviser)

Neil McDonald

nmcdonald@cenkos.com

Tel: +44 (0) 131 220 9771

Nick Tulloch

ntulloch@cenkos.com

Tel: +44 (0) 131 220 9772





Macquarie Capital (Joint Financial Adviser)

Randy Byrne

randy.byrne@macquarie.com

Tel: +1 713 651 4292

Chase Edgelow

chase.edgelow@macquarie.com

Tel: +61 2 8237 8206





St Brides Media & Finance (Public Relations Adviser)

Hugo de Salis

hugo@sbmf.co.uk

Tel: +44 (0) 20 7236 1177

Elisabeth Cowell

elisabeth@sbmf.co.uk

Tel: +44 (0) 20 7236 1177

Lottie Brocklehurst

lottie@sbmf.co.uk

Tel: +44 (0) 20 7236 1177

 

 

 

Notes to Editors:

 

Empyrean Energy Plc is an AIM listed (Ticker: EME) profitable US on-shore oil, gas and condensate exploration, development and production company with 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 184 gross producing wells with full development expected to reach over 770 wells. Further development of the Eagle Ford Shale anticipated to require in the order of a further 300 wells, with down spacing potential of a further 200 wells.  Further development of the Austin Chalk anticipated to require in the order of a further 300 wells, with down spacing potential of a further 235 wells. The Company has term debt facility of up to US$50 million with Macquarie Bank, subject to reserve hurdles and drawdown approvals, in place in order to develop this acreage which is operated by US major Marathon Oil Company.

 

Other assets include a 58.084% 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.

 

  


This information is provided by RNS
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