Business
3,512% increase in net profits to ?2.384m
3,512% increase in net profits to ?2.384m.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \nRNS Number : 0716W Empyrean Energy PLC 20 December 2013 \n \n\n20 December 2013\n \nEmpyrean Energy Plc\n(\"Empyrean\" or the \"Company\"; Ticker: (EME))\n \nInterim Results for the six months ended 30 September 2013\n \nEmpyrean Energy, the profitable US onshore oil, gas and condensate exploration, development and production company with assets in Texas and California, is pleased to provide its Interim Report for the six months ended 30 September 2013.\n \nHighlights\n \nFinancial\n \n· Net Profit up 3,512% to £2,384,000 (6 months to 30 September 2012: £66,000)\n· Net Profit is 18% higher than the Net Profit for the full year ended 31 March 2013\n· Revenue up 136% to £3,829,000 (6 months to 30 September 2012: £1,622,000)\n· Gross Profit up 354% to £3,152,000 (6 months to 30 September 2013: £694,000)\n \nSugarloaf AMI\n \n· There were 101 gross producing wells on Sugarloaf AMI as at end of September 2013, an increase of 50 wells since the end of September 2012\n· Since 30 September 2013, 15 wells have been brought on production to 20 December 2013 bringing the total number of wells on production in the Sugarloaf AMI to 116 wells\n· Recent acquisitions, including Devon Energy Corporation's purchase of GeoSouthern Energy Corporation's Eagle Ford Shale assets (82,000 net acres) for US$6 billion in cash, further validate the attractiveness and high value of quality Eagle Ford Shale Assets\n· Significant upside potential with a significantly increased well inventory and accelerated drilling pace planned for 2014 (guidance indicates 100-110 wells compared to 48 in 2013)\n· Two wells targeting the Austin Chalk, the formation directly above the Eagle Ford Shale, commenced production in July 2013 with similar flow rates to a nearby Eagle Ford Shale well observed\n· Co-development of the Austin Chalk and Eagle Ford Shale from pad drilling planned\n· Partners agree that Austin Chalk covers a large portion of the AMI and that there is potentially a similar volume of hydrocarbons in the Austin Chalk compared to the Eagle Ford Shale ...