Empyrean Energy PLC Notice of General Meeting (7602S)
July 10 2015 - 8:00AM
UK Regulatory
TIDMEME
RNS Number : 7602S
Empyrean Energy PLC
10 July 2015
Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil &
Gas
10 July 2015
Empyrean Energy PLC ('Empyrean' or 'the Company')
Notice of General Meeting
Empyrean, the profitable US onshore oil, gas and condensate
exploration, development and production company with assets in
Texas and California, announces that a General Meeting ('GM') will
be held at The Royal Institution of Great Britain, 21 Albemarle
Street, London W1S 4BS at 10.00 a.m. on 27 July 2015. At the
meeting, Technical Director, Frank Brophy, will update attendees
with a presentation which will be made available on the Company's
website following the meeting. The Notice of GM, which is being
posted to shareholders today, can also be found on the Company's
website at www.empyreanenergy.com.
In order to secure the Macquarie Bank Limited ('Macquarie')
financing referred to in the announcement dated 1 April 2015, the
Company conditionally agreed to issue a further tranche of options
to Macquarie in respect of 15,000,000 ordinary shares in the
Company (the 'Options') at an exercise price of GBP0.10 per Option
and with an expiry date of 4 years from the date of issue of the
Options. The Company does not currently have sufficient authority
to enable the grant of the Options and, accordingly, Shareholder
approval will be sought via the GM.
For further information, please read the Company's announcement
dated 1 April 2015.
**ENDS**
For further information please visit www.empyreanenergy.com or
contact the following:
Tom Kelly Empyrean Energy Tel: +618 9481 0389
plc
Neil McDonald Cenkos Securities Tel: +44 (0) 131 220 9771
Plc / +44 (0) 207 397 1953
Nick Tulloch Cenkos Securities Tel: +44 (0) 131 220 9772
Plc
Hugo De Salis St Brides Partners Tel: +44 (0) 20 7236 1177
Ltd
Elisabeth St Brides Partners Tel: +44 (0) 20 7236 1177
Cowell Ltd
Lottie Brocklehurst St Brides Partners Tel: +44 (0) 20 7236 1177
Ltd
Notes to Editors:
Empyrean Energy Plc is an AIM listed (Ticker: EME) profitable US
on-shore oil and gas development and production company focused
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 (approximately 720 net
acres) centrally positioned in the liquids rich sweet-spot within
the field. Empyrean has an interest in over 231 gross producing
wells with full development having the potential to reach over
1,000 wells and with further upside potential from additional
formations and closer well spacing. The Company has a 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 58% 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
The company news service from the London Stock Exchange
END
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