Empyrean Energy Oil, Gas Output Dips Due to Flooding
September 02 2015 - 3:44AM
Dow Jones News
By Alex MacDonald
LONDON--Empyrean Energy PLC (EME.LN) said Wednesday that oil and
gas production from its flagship Texas shale oil and gas project
dipped in the second quarter due to flooding.
The company said that its share of production from the Marathon
Oil Corp. (MRO)-operated Sugarloaf AMI project was 108,849 barrels
of oil equivalent after royalties and costs in the three months to
June 30. This compares with 109,425 barrels of oil equivalent in
the first three months of the year
There were 231 gross producing wells at Sugarloaf AMI at the end
of June, 26 more than at the end of the first quarter. The company
also had 58 wells in various stages of completion.
Sugarloaf AMI, which is 3% owned by Empyrean, also boosted its
proven reserves by 63% to 5.78 million barrels of oil equivalent
and increased its proven and probable reserves by 94% to 12.64
million barrels of oil equivalent, according to an independent
report published on July 8.
The company said that it is still profitable despite the lower
oil and gas price environment. "A positive development in this
current oil and gas environment is that costs are continuing to
come down," said Empyrean's Chief Executive Tom Kelly.
Write to Alex MacDonald at alex.macdonald@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 02, 2015 03:29 ET (07:29 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Empyrean Energy (LSE:EME)
Historical Stock Chart
From Mar 2024 to Apr 2024
Empyrean Energy (LSE:EME)
Historical Stock Chart
From Apr 2023 to Apr 2024