Business
2014 Drilling Guidance
2014 Drilling Guidance.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8497V Empyrean Energy PLC 18 December 2013 \n \n\nEmpyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil & Gas\n18 December 2013\nEmpyrean Energy PLC ('Empyrean' or 'the Company')\n2014 Drilling Guidance\n \nEmpyrean Energy Plc, the AIM-listed condensate and gas exploration and production company focused on the Eagle Ford Shale, Texas, USA, notes the announcement on 17 December 2013 by AWE Limited, a partner in Empyrean's Sugarloaf AMI ('the Project'), referring to an accelerated drilling programme targeting 100-110 wells at the Project in 2014.\n \nEmpyrean wishes to clarify that the operator of the Project, Marathon Oil Corporation (NYSE:MRO) ('Marathon') has provided indicative guidance only that the 2014 drilling schedule may target this number of wells. At this stage, Empyrean has not received a drilling schedule for 2014 from Marathon, nor details of the well locations or targeted formations. In line with the Company's standard practice, Empyrean expects to provide further guidance once a detailed drilling schedule is received from the operator. The well count guidance released by AWE should be regarded as indicative only at this stage and is subject to further review. The present guidance for 2014 indicates a significant rise in well numbers over the number of wells drilled during 2013 (approximately 48) and, as stated in the announcement of 13 December 2013, Empyrean believes that an accelerated drilling pace, in conjunction with the tighter spacing regime, will have a positive impact on reserves and production, especially if Marathon are able to achieve their stated well cost targets.\n \nThe information contained in this announcement was completed and reviewed by the Technical Director of Empyrean Energy Plc, Mr Frank Brophy BSc (Hons) who has over 40 years experience as a petroleum geologist.\n \n**ENDS**\n \nFor further information please visit www.empyreanenergy.com or contact the following:\n \n\n\n\n\nTom Kelly\n\n\nEmpyrean Energy plc\n\n\nTel: +618 9481 0389\n\n\n\n\nNeil McDonald\nBeth McKiernan\n\n\nCenkos Securities Plc\nCenkos Securities Plc \n\n\nTel: +44 (0) 131 220 9771\nTel: +44 (0) 131 220 6939\n\n\n\n\nHugo De Salis\n\n\nSt Brides Media & Finance Ltd\n\n\nTel: +44 (0) 20 7236 1177\n\n\n\n\nElisabeth Cowell \n\n\nSt Brid...