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Oil Capital
EPIC: EME
Market: AIM
52-week High/Low: 9.50p / 1.00p
Sector: Energy
Market Cap: 23.45M
Phone: +618 9480 0111
Address: 200 Strand, London WC2R 1DJ.
Website: www.empyreanenergy.com

Empyrean is an AIM listed profitable onshore US oil & gas development and production company.  Its primary focus is on its 3% interest in the Marathon Oil operated Sugarloaf AMI centrally positioned in the liquids rich sweet-spot within the Eagle Ford Shale Texas – the largest oil and gas development in the world based on capital invested. Empyrean is well-positioned to benefit from Marathon's rapid and highly-efficient drilling programme at Sugarloaf and to capitalise on the significant additional upside available from initiatives.  As at 2 September 2015, Empyrean had an interest in 241 gross producing wells with full development expected to reach over 770 wells.  The Company has a term debt facility of up to US$50 million with Macquarie Bank, subject to reserve hurdles and drawdown approvals, in place in order to develop this acreage.

Empyrean Energy Plc.

www.empyreanenergy.com

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Big picture - Why invest in Empyrean Energy Plc.

Empyrean Energy Plc. Snapshot

Empyrean Energy PLC is an oil and gas explorer and producer listed on the London Stock Exchange AIM market (Ticker: EME).

Empyrean was established to finance the exploration, development and production of energy resource projects in geopolitically stable environments.

Empyrean's current core asset is a working interest in the Sugarloaf Project in Texas which is an advanced Eagle Ford Shale condensate and gas development operated by the Marathon Oil Company.

Empyrean has a strong management team, with many years experience in both the global investment and energy industries. The company is currently involved in three projects and continues to pursue other exciting energy opportunities.

Within a short period of time, Empyrean has proven its ability to identify, analyse, negotiate and fund excellent projects with an appropriate mix of risk versus reward. Empyrean has typically participated in later-stage exploration and can fast track the process from identification of a suitable project through to funding and drilling.

 

 

The Company is currently involved in several projects, being:

  • Riverbend, Texas
  • Eagle Oil, California 

 

PROJECTS: RIVERBEND PROJECT, TEXAS USA

(EME Working Interest 10%)

Background

Empyrean Energy announced on the 1 June 2009 that it had entered into a Participating Agreement with Krescent Energy Partners II, LP of Houston, Texas ("Krescent") to acquire a 10% working interest in Krescent's Riverbend Project.

The Project Area  is located in the Tyler and Jasper Counties. The Area is also ideally located south of the prolific Brookeland Field (Austin Chalk).The project targets primarily the Austin Chalk and Saratoga Formation.

An unsuccessful attempt in 2010 to re-enter the highly-pressured Austin Chalk reservoir of Quinn 3-H was followed by the successful drilling of the Cartwight  No1 well in the same year.

Unfortunately production of gas and condensate was permanently impeded by a downhole obstruction in the producing zone.

The Austin Chalk interval was consequently plugged to enable perforation and eventual production from a secondary target zone, the Wilcox Formation, located at a shallower depth in the well.

Gas and condensate production to sales recommenced on the 11 May 2013. Early production of 40 barrels of condensate per day was in line with expectations , although the gas production of 745,000 cubic feet of gas per day exceeded expectations.

During the 8 months of production in 2013 the well produced 4,158 barrels of condensate and 121,156 thousand cubic feet of gas.

Since then, the production profile has been substantially reduced for both technical and economic reasons.

In 2014 a reduced quantity of 371 barrels of condensate and 18,417 thousand cubic feet of gas were produced and in 2015 a similar amount of 415 barrels of condensate and 18,356 thousand cubic feet of gas was measured at the wellhead.

At times the Cartwright No1 well has been virtually suspended and full production will only be resumed once the economic environment has improved.

 

 

PROJECTS: EAGLE OIL POOL DEVELOPMENT, CALIFORNIA USA

(EME Working Interest 57.21%)

eagleoil_s

Above: Location of Eagle Oil Pool
Development Project

The Eagle Oil Pool Development Project is located in the San Joaquin Basin, southern California. It is a proven oil and gas province and has produced in excess of 12 billion barrels and 11 trillion cubic feet of gas. The project area covers approximately 4300 acres.

The primary target is the Gatchell Sand Member of the Eocene Lodo Formation. It is estimated that the Eagle Oil pool has mean (P50) recoverable reserves of 7.1 million barrels of oil and 12.3 billion cubic feet of gas.

In addition to the Gatchell Sands, Empyrean Energy believes that the shallower Monterey Shale is also a valid and promising target.

Empyrean Energy Plc increased its interest from 38.5 % to 48.5% when original operator, ASX-listed Victoria Petroleum NL, was replaced by the American company, R&M Oil & Gas in 2009. Subsequently, Strata-X, Inc has become operator of the project. As announced on 25 March 2013, Empyrean Energy Plc further increased its interest to 57.2126% as a result of a previous partner deciding to surrender its interest.

The Eagle North -1 well drilled in 2006 encountered oil but was abandoned due to technical problems. The results of a drilling programme at present underway in adjacent acreage could influence future seismic configuration if the expected   geological objectives in addition to the Gatchell Sand Member  are encountered.

 

 

Dr Patrick Cross - Non Executive Chairman

Patrick Cross has international experience in corporate finance, organisation structures, marketing and joint venture operations. His previous positions include 25 years with BP specialising in marketing, strategic planning and business development across different cultures. He also worked for two years as President of Cable and Wireless Japan, and six years as Managing Director of BBC World Ltd. Patrick Cross has operated in South America, Asia, Europe and the United Kingdom establishing relationships at senior levels with major companies, Governments and the European Commission. He is non-executive chairman of Mercom Capital Plc, was a non-executive director of Orca Interactive Limited, until the company was successfully sold in 2008 and is a Trustee of the Royal Society of Tropical Medicine and Hygiene.

Tom Kelly - CEO/ Director

Mr Kelly has worked in the corporate, financial and investment banking industries for over 20 years. During this period, Tom has had involvement in and been responsible for the financing of numerous listed companies on the Australian Securities Exchange (ASX) and several mergers and acquisitions within the Australian corporate sector. He is a Senior Associate of the Financial Services Institute of Australasia and a founding director of Empyrean Energy.

Frank Brophy - Technical Director

Mr Brophy has over 50 years' experience as a petroleum geologist in the exploration, development and production of many world class oil and gas projects. His roles have seen him involved in operations around the world, including Australia, Asia, Europe, the USA, Africa and the Middle East. More recent overseas activities include four years as General Manager of the Hanoi operation in North Vietnam, for France-based company Maurel & Prom, and almost two years in Sicily representing the same company in gas appraisal and development. Frank's previous positions also include his former role as Manager of International Business Development for Ampolex Limited, Chief Geologist of Elf Aquitaine Australia and Exploration Manager for five years with Peko Oil Limited.

 

John Laycock - Financial Director

John Laycock has over 30 years' experience in accounting, finance and risk management. His previous positions include 22 years with BP both in UK and international experience in France and Japan. John Laycock has a degree in Mechanical Engineering from Bristol University and is a Fellow of the Chartered Institute of Management Accountants, who is based in the UK.

Amanda Wilton-Heald - Company Secretary & Financial Controller

Mrs Wilton-Heald is a Chartered Accountant with over eleven years of experience within Australia and the UK. Mrs Wilton-Heald has six years experience as an auditor, where she was involved in the audit of ASX listed and LSE listed company Financial Statements. Mrs Wilton-Heald has five years accounting experience with a UK AIM listed company specialising in the provision of collaboration technology. Mrs Wilton-Heald has been involved in the listing of junior explorer companies on the ASX and has experience in corporate advisory and company secretarial services. Mrs Wilton-Heald is currently Company Secretary of ASX Listed Cortona Resources Limited, Jacka Resources Limited and Potash West NL.

 

 

Securities Information

(Date Last Updated

6 December 2016)

  • 221,833,853 ordinary shares of 0.2p each
  • 60,000,000 unlisted options on issue
  • Nil shares held in treasury

There are no restrictions on the transfer of the ordinary shares.

The percentage of AIM securities that is not in public hands (as defined in AIM rules): 11.11%.

Significant Shareholders

(Date Last Updated

6 December 2016)

  • 9.49% James Knight 21,050,000 Shares
  • 9.41% Thomas Kelly 20,881,563 Shares
  • 7.00% Richard Appleby 15,530,000 Shares

 

Principal Business Office

Level 11, London House
216 St Georges Terrace
Perth, W.A. 6000, Australia

Postal Address

GPO Box 2517
Perth, W.A. 6831, Australia

Contact Details

Email:  [email protected]

Registered Office

200 Strand
London WC2R 1DJ

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