Business
Aurora aquisition of 6% interest in Sugarloaf
Aurora aquisition of 6% interest in Sugarloaf.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3471D Empyrean Energy PLC 15 May 2012 \n\n \n15 May 2012\n \n \nEmpyrean Energy PLC\n(\"Empyrean\", \"EME\" or the \"Company\"; Ticker (EME))\n \nEMPYREAN NOTES THE RECENT ANNOUCEMENT BY AURORA OIL AND GAS LIMITED (ASX CODE : AUT, \"AURORA\") OF AN AGREEMENT TO MAKE AN ACQUISITION OF A NON-OPERATED 6% WORKING INTEREST IN THE SUGARLOAF PROJECT FOR US$95 MILLION.\n \n \nAurora today announced that they have reached agreement to purchase a 6% non-operated working interest in the Sugarloaf Project for US$95m. Aurora is a partner with Empyrean in the Sugarloaf Project in Texas, USA. Empyrean holds a 3% working interest in the same project.\n \nCommenting today, Empyrean CEO Tom Kelly said \"This acquisition by Aurora and the recent offer by Aurora for Eureka, which has been rejected by the board of Eureka in their Target Statement response on ASX as being opportunistic and undervaluing Eureka's assets reinforces the board's view that there is strong interest in Eagle Ford Shale assets in the USA and in particular within our project acreage. The liquids rich nature of the acreage shelters the partners from low gas prices in the USA. The read across valuations from these corporate activities gives the board great comfort that our Sugarloaf Project is progressing successfully and that the fundamental value of the project is robust. The operator of the Sugarloaf Project will be trialing certain initiatives this year aimed at improving production, recoveries and reserves. The board looks forward to the further development of the Sugarloaf Project and our shareholders can expect to see an updated reserve report - likely for the period to 30 June along with news from operations as a substantial and aggressive development program unfolds through this year.\"\n \nFor further information, please contact: \n \nContact: \n \nEmpyrean Energy Plc \nTom Kelly Tel: +618 93216988 \n&...