Empyrean Energy shares lift on news of upgrade
Shares in Empyrean Energy rose after the explorer said it received a major upgrade to its Sugarloaf project in Texas.
Empyrean Energy
0.13p
13:50 15/11/24
0.00%
0.00p
FTSE AIM All-Share
728.67
15:45 15/11/24
n/a
n/a
Oil & Gas Producers
8,043.72
15:45 15/11/24
1.32%
105.17
The AIM-listed stock rose 3.41% to 3.41p by 12:25 on Wednesday after it said proved and probable reserves were up by 94%.
The Sugarloaf project is operated by Marathon Oil company which Empyrean had a 3% interest in.
Sugarloaf had 231 wells in production, with 54 of those drilled and undergoing completion.
Empyrean attributed the rise to a successful appraisal of the Austin Chalk well and a shift from contingent resource status into a reserve status.
Chief executive Tom Kelly said the project continues to grow and represented a viable and attractive investment proposition even at current lower oil prices.