Empyrean Energy PLC Posting of Annual Report & Notice of GM (3387Y)

TIDMEME

RNS Number : 3387Y

Empyrean Energy PLC

08 September 2015

Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas

8 September 2015

Empyrean Energy PLC ('Empyrean' or 'the Company')

Posting of Annual Report and 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 30 September 2015. The Annual Report and Accounts and Notice of GM, which are both being posted to shareholders today, are also available to download from the Company's website at www.empyreanenergy.com.

**ENDS**

For further information please visit www.empyreanenergy.com or contact the following:

 
 Tom Kelly             Empyrean Energy      Tel: [phone] 
                        plc 
 Neil McDonald         Cenkos Securities    Tel: [phone] 
                        Plc                  / [phone] 
 Nick Tulloch          Cenkos Securities    Tel: [phone] 
                        Plc 
 Hugo De Salis         St Brides Partners   Tel: [phone] 
                        Ltd 
 Elisabeth             St Brides Partners   Tel: [phone] 
  Cowell                Ltd 
 Lottie Brocklehurst   St Brides Partners   Tel: [phone] 
                        Ltd 
 

Notes to Editors:

Empyrean Energy Plc is an AIM listed (Ticker: EME) profitable US on-shore oil, gas and condensate exploration, development and production company with 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 centrally positioned in the liquids rich sweet-spot within the field. Empyrean has an interest in 241 gross producing wells with full development expected to reach over 770 wells. Further development of the Eagle Ford Shale is anticipated to require in the order of a further 300 wells, with down spacing potential of a further 200 wells. Both the Upper Eagle Ford and the Austin Chalk formations provide additional upside potential with the Austin Chalk anticipated to require in the order of a further 300 wells, with down spacing potential of a further 235 wells. The Company has a term debt facility of up to US$50 million with Macquarie Bank, subject to reserve hurdles and drawdown approvals, in place in order to develop this acreage which is operated by US major Marathon Oil Company.

Other assets include a 58.084% 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.

This information is provided by RNS

The company news service from the London Stock Exchange

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September 08, 2015 02:00 ET (06:00 GMT)