Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/financial/money/empyrean-energy-interim-report-shows-86-increase-i.shtmlEmpyrean Energy Interim Report shows 86% increase in net profit
Empyrean Energy provides its Interim Report for the six months ended 30 September 2014. 32% increase in revenue to US$7,911,000 (30 September 2013: US$6,007,000)
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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
