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Empyrean Energy Interim Report shows 86% increase in net profit


Published Dec 31, 2014
Empyrean Energy

Empyrean Energy provides its Interim Report for the six months ended 30 September 2014.

Highlights

Financial

• 32% increase in revenue to US$7,911,000 (30 September 2013: US$6,007,000) • 32% increase in gross profit to US$4,393,000 (30 September 2013: US$3,322,000) • 86% increase in net profit to US$2,705,000 (30 September 2013: US$1,451,000)

Sugarloaf AMI

• Record production of 199,952 boe net to Empyrean before royalties during the period • Rapid and cost effective drill programme conducted by operator, Marathon Oil Corporation, during the period, with 65 wells spudded • 154 wells in production as at 30 September 2014 • 184 wells in production as at 23 December 2014 • Frac and stack pilot programme, designed to drive recovery and optimise co-development of multiple horizons, has commenced • Indicative drill schedule for 2015 targeting approximately 100 wells

Tags: Empyrean Energy




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