31st Dec 2015 07:51
LONDON (Alliance News) - Empyrean Energy PLC on Thursday reported a drop in pretax profit in the first half of its financial year as revenue shrank amid falling oil prices, but it said production levels increased due to strong activity at its biggest project.
The California and Texas-focused exploration and development company said pretax profit in the six months ended September 30 fell to USD1.8 million from USD2.7 million in the same period the year before, as revenue declined to USD6 million from USD7.9 million.
Empyrean said profit and revenue were hit by the "dramatically reduced" oil price, but that aggregate production increased to 224,182 barrels of oil equivalent from 199,952 boe following strong drilling activity at the Sugarloaf AMI project at Eagle Ford, Texas.
Empyrean added that its drill schedule for 2016 is targeting between 80 to 100 wells.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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