Empyrean Energy unveils positive production update

Empyrean Energy on Friday reported strong production results and revenues from onshore operations in Texas for the last three months of 2012.

Empyrean Energy on Friday reported strong production results and revenues from onshore operations in Texas for the last three months of 2012.

The oil and gas explorer said estimated unaudited accounting revenues for the quarter came to $1.37m while cash receipts attributed to production totalled 42.59m from the Sugarloaf project in Texas.

There were 62 wells in production at the end of the quarter at Sugerloaf with a further four in the pipeline.

"Empyrean continues to be encouraged by the strong production numbers coming through on new wells," said Chief Executive Officer Tom Kelly.

"We look forward to the results of closer spacing and the testing of production from additional horizons. Success on any of these initiatives is potentially transformational for the value of Empyrean's Sugarloaf asset."

The company will be testing the viability of Austin Chalk and other horizons to add reserves and increase production. Results from the prospects are expected to be announced in the first half of this year.

Shares climbed 1.82% to 7.00p at 11:56 Friday.

RD

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
What does the Coinbase listing mean for bitcoin and other cryptocurrencies?
Bitcoin

What does the Coinbase listing mean for bitcoin and other cryptocurrencies?

As the bitcoin price hit new highs, the world's biggest cryptocurrency exchange, Coinbase, listed on the stockmarket. John Stepek looks at what that m…
15 Apr 2021
Properties for sale for around £400,000
Houses for sale

Properties for sale for around £400,000

From a converted church in Banffshire with views towards the Cairngorms National Park, to a period property in the Georgian market town of Beverley, e…
2 Apr 2021