Oil and gas firm Empyrean Energy is few people's idea of a cash-generating machine but the AIM-listed tiddler's revenue continues to remain on an impressively upward trajectory.
Cash received between June and November (inclusive) from the company's USA based production assets, including the Sugarloaf Project, Hercules Project and Riverbend Project, rose 55% from the preceding six-month period to $1.68m.
Generally speaking there is a lag between production and the receipt of cash, with the cash received from hydrocarbon sales in any given month relating to production accumulated from two months or so earlier, the company explained.
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The Sugarloaf Project is now firmly into a development phase and this upwards trend in revenue is expected to continue as further wells are brought into production, the company said.
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