Shares in Empyrean Energy jumped today after the firm announced it was close to finalising a farm-in for Sacramento Basin Assets.
Empyrean was up 10% in London before slipping back to 7.50% at 5.38p.
Empyrean has paid $10,000 so far and Sacgasco has agreed that Empyrean will pay the balance of $90,000 for the Dempsey Deposit and $20,000 for the Alvares Deposit within three working days of signing.
Furthermore, it has been agreed that Empyrean will pay a $1.5million for the Dempsey Consideration after the definitive farm-in agreement has been signed.
Separately, the COSL Seeker jack-up rig has arrived on location for the drilling of the Mako South-1 well in Indonesia.
Operations will commence within days.
Recommended for you
Read the latest opinion pieces from our Energy Voice columnists
- Opinion: The Total-Maersk deal – great for both sides
- Opinion: The importance of employing a talented workforce through apprenticeships
- Opinion: OPEC cutbacks are diluted by oil’s long bloat
- Opinion: Transocean must lead way in thinning out global fleet post-Songa takeover
- Opinion: Preserve to conserve – maximise the value of cold stacking