Business
Drawndown under Macquarie debt facility
Drawndown under Macquarie debt facility.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \nRNS Number : 0980B Empyrean Energy PLC 28 March 2013 \n\n \n28 March 2013\n \n \nEmpyrean Energy PLC\n(\"Empyrean\", \"EME\" or the \"Company\"; Ticker (EME))\n \nEMPYREAN MAKES DRAWDOWN ON ITS TERM DEBT FACILITY WITH MACQUARIE BANK LIMITED TO FUND DEVELOPMENT OF EAGLE FORD SHALE CONDENSATE AND GAS PROJECT\n \nFurther to the announcement on 16 August 2012, Empyrean (AIM:EME) is pleased to announce that it has satisfied all conditions precedent and completed a further drawdown of an amount totaling approximately US$10,090,000 from its term debt facility with Macquarie Bank Limited (\"Macquarie\"), bringing the total amount drawndown to date of approximately US$10,320,000. The facility is a three year term debt facility for up to US$50 million (\"the Facility\") to support the Company's participation in the development of the Sugarloaf Project, an Eagle Ford Shale Condensate and Gas development project in onshore Texas, USA.\n \nEmpyrean has granted a further 15,000,000 options to Macquarie under the terms of the Facility. The options have an exercise price of 12p and an expiry date of 25 March 2017.\n \nCommenting today, Empyrean CEO Tom Kelly said, \"This significant drawdown on the Macquarie Facility is a result of over 12 months of working together with Macquarie to ensure that our primary asset - the Sugarloaf Project is well funded enabling the Company to maintain its current interest in the project as the development drilling program continues. We have now participated in over 70 producing wells of which approximately 50 have been drilled and completed during our association with Macquarie. The Board of Directors would like to again thank Macquarie for their vision in providing the Facility which will be utilized to enhance; reserves, production, revenue and earnings per share. We will continue to work with Macquarie to further develop this exciting asset.\"\n \n \nFor further information \nEmpyrean Energy plc \nTom Kelly\n+618 9480 0111\n \nShore Capital \nAnita Ghanekar\nEdward Mansfield\n+44 (0) 207 408 4090\n \nJonathan Charles\nLionsgate Communications\nE: [email protected]\nM: +44 (0)7791 892509 \nwww.lionsgatecomms.com \n \n \nNotes to Editors:\n \nEmpyrean Energy Plc is an AIM listed (Ticker : EME) condensa...