Empyrean Energy receives further funds from Sugarloaf AMI stake
Oil & gas company Empyrean Energy has received the second and final tranche of funds relating to the sale of its 3% working interest in the Marathon Oil-operated Sugarloaf AMI in Texas.
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It had thus received $2.614m, which comprised 50% of the $6.15m held in escrow upon completion of the transaction, less withholding tax of 15%. Sugarloaf AMI was sold to Carrier for $61.5m.
In addition, negotiations with international and domestic contractors for the acquisition of 3D seismic for the company's recently acquired 1,800 sq km offshore China conventional Pearl River Mouth Basin Project were progressing well.
Empyrean said it hoped to finalise negotiations over the coming weeks with a view to beginning the programme in Q2 2017.
"The seismic programme is targeted to be over an area of 500 sq km and would be utilised to identify potential drill targets on the two key exploration prospects, Jade and Topaz," said Empyrean in a statement.
At 10:39 GMT, shares in AIM-listed Empyrean were up 14.29% to 4p each.