Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/mpyrean-energy-completes-sale-of-sugarloaf-ami-pro.shtmlEmpyrean Energy completes sale of Sugarloaf AMI project
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
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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.
