Business
Sugarloaf - Production and Operational Update
Sugarloaf - Production and Operational Update.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6902K Empyrean Energy PLC 01 August 2013 \n\n1 August 2013\nEmpyrean Energy PLC \n(\"Empyrean\" or the \"Company\"; Ticker: (EME))\n \nSugarloaf Project: Onshore Texas, USA\n \nProduction and Operational Update\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 update on production and operations at its Sugarloaf Project:\n \nHighlights\n· Production on a barrel of oil equivalent basis (\"BOE\") net to Empyrean increased by approximately 213% in the three months to June 2013 compared to the three months to June 2012\n· Production on a BOE basis net to Empyrean remained strong in the three months to June 2013 compared to the previous three months to March 2013 with a modest increase of 236 BOE or 0.48% for the quarter\n· Empyrean had an interest in 91 gross producing wells at end of June 2013, an increase of 12 wells since the end of March 2013\n· Testing of the Austin Chalk wells has commenced with two wells commencing production during July\n· Well down spacing initiatives and testing are ongoing with encouraging early observations\n· Success on the Austin Chalk and/or well down spacing initiatives could have a significant positive impact on reserves and value\n \nProduction\nThe following is a summary of wellhead production data received from the operator from wells at the Sugarloaf Project from April 2012 through to June 2013. All figures that are stated as \"Net to EME\" are calculated at the working interest percentage in each well and multiplied by the net revenue interest (\"NRI\") to give an amount to Empyrean net of royalties but before any taxes.\n \n \n\n\n\n\nMonth\n\n\nGas (Net to EME) (mcf)\n\n\nCondensate (Net to EME)(bbls)\n\n\nBOE Total (Net to EME)\n\n\nBOE/day average (Net to EME)\n\n\n\n\nApril 2012\n\n\n7062\n\n\n2575\n\n\n3752\n\n\n125\n\n\n\n\nMay 2012\n\n\n9157\n\n\n4009\n\n\n5535\n\n\n179\n\n\n\n\nJune 2012\n\n\n14658\n\n\n3936\n\n\n6379\n\n\n213\n\n\n\n\nJuly 2012\n\n\n13,163\n\n\n5,046\n\n\n7,240\n\n\n234\n\n\n\n\nAugust 2012\n\n\n24,905\n\n\n7,129\n\n\n11,280\n\n\n36...