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Sugarloaf: Hedging contract with Macquarie Bank
Sugarloaf: Hedging contract with Macquarie Bank.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8163K Empyrean Energy PLC 02 August 2013 \n\n2 August 2013\nEmpyrean Energy PLC \n(\"Empyrean\" or the \"Company\"; Ticker: (EME))\n \nSugarloaf Project: Onshore Texas, USA\n \nHedging contract with Macquarie Bank Limited\n \nEmpyrean Energy Plc (Ticker: EME), the AIM-listed condensate and gas exploration and production company focused on the Eagle Ford Shale, Texas, USA, is pleased to provide the following information on a hedging program commenced to provide oil price certainty on part of expected production from its Sugarloaf Project for 12 months:\n \nEmpyrean has entered into a Commodity Swap Transaction ('SWAP\") with Macquarie Bank Limited (\"Macquarie\") for 50,765 Barrels of Oil (\"BBL\") for a 12 month period commencing 1 September 2013 monthly through to 1 August 2014. The SWAP is for a fixed price per BBL of US$95.90 based on OIL-WTI-NYMEX.\n \nFor each calculation period monthly in the table below, which is the period from and including the period start date to and including the next following period end date, if the fixed price exceeds the floating price or spot price for WTI, Macquarie shall pay Empyrean the difference multiplied by the relevant notional quantity for the calculation period. If the floating price or spot price exceeds the fixed price, Empyrean shall pay Macquarie the difference multiplied by the relevant notional quantity for the calculation period.\n \n \nCalculation Period Table:\n \n\n\n\n\nPeriod Start Date\n\n\nPeriod End Date \n\n\nNotional Quantity per Calculation Period\n\n\n\n\n01 September 2013 \n\n\n30 September 2013 \n\n\n5,334 BBL \n\n\n\n\n01 October 2013 \n\n\n31 October 2013\n\n\n5,206 BBL \n\n\n\n\n01 November 2013 \n\n\n30 November 2013 \n\n\n4,778 BBL \n\n\n\n\n01 December 2013 \n\n\n31 December 2013 \n\n\n4,700 BBL\n\n\n\n\n01 January 2014\n\n\n31 January 2014\n\n\n4,485 BBL\n\n\n\n\n01 February 2014\n\n\n28 February 2014\n\n\n3,883 BBL\n\n\n\n\n01 March 2014\n\n\n31 March 2014\n\n\n4,130 BBL\n\n\n\n\n01 April 2014\n\n\n30 April 2014\n\n\n3,843 BBL\n\n\n\n\n01 May 2014\n\n\n31 May 2014\n\n\n3,824 BBL\n\n\n\n\n01 June 2014\n\n\n30 June 2014\n\n\n3,570 BBL\n\n\n\n\n01 July 2014\n\n\n31 July 2014\n\n\n3,565 BBL\n\n\n\n\n01 August 2014\n\n\n31 August 2014\n\n\n3,447 ...