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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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
-
Two thirds of easy access savings accounts come with restrictions – can you access your savings in an emergency?Out of the top 30 easy access savings on the market, 22 come with some sort of restriction on how fast you can access your money, according to new research.
-
Most popular London boroughs: Full list of in-demand places to move toA deluge of people move to or within Britain’s capital each year – but which area is the most popular? We look at the most in-demand London boroughs in 2025.
