By Alex MacDonald
LONDON--U.S. onshore oil and gas explorer Empyrean Energy PLC
(EME.LN) said Wednesday that an additional 26 wells were added to
its flagship Sugarloaf AMI project in the prolific Eagle Ford Shale
basin in Texas as of the end of the third quarter.
As a result Sugarloaf now has 154 gross producing wells.
Empyrean owns a 3% working interest in the project, which is
operated by Marathon Oil Corp (MRO).
Empyrean also noted that there were 175 gross producing wells at
8 Austin Chalk as of Nov. 18, eight wells being drilled at 4 Austin
Chalk, and 22 wells undergoing completion operations at 7 Austin
Chalk.
"Having previously reported successful results from Marathon's
Austin Chalk initiative, we are pleased to see further wells
drilled and being completed from this formation, which we expect
will result in the conversion of the reported 2C Contingent
Resources for the Austin Chalk formation [of] 3.87 million barrels
of oil equivalent into 2P reserves in due course," said Empyrean
Chief Executive Tom Kelly.
Empyrean Energy's shares have risen 43% since the beginning of
the year to 14.88 pence a share, resulting in a market
capitalization of GBP33 million or $52 million.
Write to Alex MacDonald at alex.macdonald@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires