One of the Alternative Investment Market’s more widely followed stocks by retail investors, Empyrean Energy fell this morning only to bounce back quickly after the Company said it knew no reason for the sharp share price movement.
Yesterday Empyrean released a broad update on its exploration interests. In the update the Company said its 44% working interest in six shallow wells at Margarita had gross production of 32,104 mcf of gas and 1,121 barrels of oil in January. The Company added that it had decided not to partake in additional deep drilling programs at Margarita as "management feel there are better risk versus reward opportunities elsewhere."
The Company also updated investors on activities on the Sugarloaf / Sugarkane projects, where it is earning into a aggressive 16 well program, and Empyrean added that it was finalising plans for additional seismic programs at the Glantal Gas Project in Germany,
Empyrean also confirmed that it has around £1.46 million in the bank and was in credit with the operators of the Sugarloaf/ Sugarkane projects in the USA.