23rd Dec 2015 09:04
LONDON (Alliance News) - Empyrean Energy PLC on Wednesday said total production and the average daily production for the Sugarloaf project in Texas improved in the quarter to the end of September.
The company, which owns a 3.0% working interest in the project, which is operated by US-based Marathon Oil Corp, said production from Sugarloaf in the quarter rose 5.6% year-on-year to 114,982 barrels of oil equivalent net to Empyrean.
Average daily production rose to 1,250 barrels per day net to Empyrean's interest.
"The third quarter has seen an increase in production at Sugarloaf whilst costs have continued to fall against a backdrop of very challenging oil prices," said Tom Kelly, Empyrean's chief executive.
Shares in Empyrean were down 7.9% to 4.95 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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