Business
USD1m Repayment on Macquarie Debt Facility
USD1m Repayment on Macquarie Debt Facility.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1841P Empyrean Energy PLC 30 September 2013 \n \n\nEmpyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil & Gas\n30 September 2013\nEmpyrean Energy PLC ('Empyrean' or 'the Company')\nMakes second repayment of US$1 million on its debt facility with Macquarie Bank Limited from cash proceeds received from Eagle Ford Shale production\n \nEmpyrean Energy PLC, the profitable US onshore oil, gas and condensate exploration, development and production company with assets in Texas and California, is pleased to report that, further to the announcement on 2 July 2013, the Company has completed its second repayment of US$1,000,000 on its 3 year term debt facility for up to US$50 million ('Facility') with Macquarie Bank Limited. The payment, which is funded from existing cash flow, reduces the amount currently outstanding on the Facility to US$8,520,664.\n \nThe Facility is available to ensure the Company's participation in the development of the Sugarloaf AMI, an Eagle Ford Shale Condensate and Gas development project in onshore Texas ('Sugarloaf'), where Empyrean currently participates in over 91 producing wells. The Company expects that further draw downs will take place to fund the development of its 3% working interest in the Sugarloaf AMI, operated by Marathon Oil Company.\n \nEmpyrean CEO Tom Kelly commented, \"We are delighted that recent cash flow from our interest in the Sugarloaf AMI has allowed us to make repayments and fund development without the need for further draw downs on the facility at this stage. Having reported a 119% increase in revenues on the year to March 2013 of £5.89m the Company looks forward to the year ahead with anticipation of results from down spacing initiatives in December 2013.\"\n \n**ENDS**\n \nFor further information please visit www.empyreanenergy.com or contact the following:\n \n\n\n\n\nTom Kelly\n\n\nEmpyrean Energy plc\n\n\nTel: +618 9480 0111\n\n\n\n\nAnita Ghanekar\n\n\nShore Capital and Corporate Limited\n\n\nTel: +44 (0) 207 408 4090\n\n\n\n\nEdward Mansfield\n\n\nShore Capital and Corporate Limited\n\n\nTel: +44 (0) 207 408 4050\n\n\n\n\nHugo de Salis\n\n\nSt Brides Media & Finance Ltd\n\n\nTel: +44 (0) 20 7236 1177\n\n\n\n\nElisabeth Cowell\n\n\nSt Brides Media & Finance Ltd\n\n\nTel: +44 (0) 20 7236 1177...