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Empyrean Energy repays US$1mln of debt facility

Published: 18:24 30 Sep 2013 AEST

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Empyrean Energy (LON:EME) has used cash generated from production at Eagle Ford to pay back the second slice of its debt facility with Macquarie Bank.

The US oil firm completed the second repayment of US$1 million on its three-year debt facility for up to US$50mln, reducing the outstanding amount to US$8.5mln.

The facility ensures that the company can contribute to the Sugarloaf AMI (area of mutual interest) on the Eagle Ford shale play in Texas.

The company expects more drawdowns to fund the development of its 3% working interest in the venture, which is operated by Marathon Oil.

Empyrean’s chief executive Tom Kelly said: “We are delighted that recent cash flow from our interest in the Sugarloaf AMI has allowed us to make repayments and fund development without the need for further draw downs on the facility at this stage.  

“Having reported a 119% increase in revenues on the year to March 2013 of £5.89m the company looks forward to the year ahead with anticipation of results from down spacing initiatives in December 2013.”


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