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Marathon highlights Sugarloaf AMI uplift potential
Marathon highlights Sugarloaf AMI uplift potential.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \nRNS Number : 4730V Empyrean Energy PLC 13 December 2013 \n \n\nEmpyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil & Gas\n13 December 2013\nEmpyrean Energy PLC ('Empyrean' or 'the Company')\nSugarloaf AMI Project Update from Marathon Oil Corporation\n \nHighlights:\n \n· Operator of Sugarloaf AMI Marathon Oil Corporation delivered analyst presentation on 11 December 2013 \n· Spacing pilot wells at 40 and 60 acre spacing have delivered higher initial production results than spacing at 80 and 160 acres\n· Spacing density pilots support infil development down to 40 acres depending on the liquids content\n· Piloting 30 acre infil density during 2014 including a future 30 acre pilot on the Sugarloaf AMI\n· Aiming to grow 2P reserves though a combination of downspacing, optimization and aggressive pursuit of co-development plays\n· First Austin Chalk pilots successful, delivering similar volumes to a typical Eagle Ford Shale production curve over a 90 day period\n· Commitment to co-develop Austin Chalk with lower Eagle Ford Shale and leverage off existing infrastructure\n· Further delineation of Austin Chalk and upper Eagle Ford Shale in 1H 2014\n· Guidance that drilling pace likely to increase\n \nEmpyrean Energy Plc, the AIM-listed condensate and gas exploration and production company focused on the Eagle Ford Shale, Texas, USA, notes the release by Marathon Oil Corporation (NYSE:MRO) ('Marathon') of an analyst presentation on 11 December 2013. \n \nA copy of the Marathon presentation and announcement is available on Marathon's website at:\nwww.marathonoil.com\n \nThe presentation contained Marathon's 2014 capital budget. In addition, a valuable update on progress, results and guidance on their Eagle Ford Shale (\"EFS\") acreage was delivered, which includes Empyrean's flagship Sugarloaf AMI project, which is operated by Marathon and in which the Company currently has a 3% working interest. \n \nOther items relevant to Empyrean's Sugarloaf AMI interest are:\n \n· Marathon to accelerate EFS rig activity across their entire EFS acreage by 20% \n· Marathon to increase rig ...