Empyrean Energy has reported a fall in interim revenue and pretax profit but said its flagship Sugarloaf asset in Texas is rising in value despite the low oil price.
Pretax profit for the six months ended September 30 fell to $1.8million from $2.7million the previous year, on revenue down to $6 million from $7.9 million.
Empyrean is focused on gas and condensate exploration, development and production with assets in Texas and California.
“Considering the reduced drilling costs, and the increased production rates, we believe the Sugarloaf AMI (area of mutual interest) is well positioned for growth in 2016,” said chief executive Tom Kelly.
