Empyrean Energy Plc has reached financial close on 19 February 2016, Houston time, of the purchase and sale agreement with Carrier Energy Partners II, LLC, a Delaware corporation, to dispose of all of its right, title and interest in the Sugarloaf AMI development for a purchase price of US$61,500,000.

The Company may also receive, in certain circumstances as further set out below, contingent payments up to a maximum of US$10,000,000.

Empyrean had a 3% working interest in the Sugarloaf AMI Project, which is operated by Marathon Oil Company, a subsidiary of US major Marathon Oil Corporation.

Tags: Empyrean Energy Plc