Empyrean Energy reports on 'frustrating year'

(Sharecast News) - Shares in Empyrean Energy dropped on Monday after the Australia-based oil and gas explorer reported its results following a "very frustrating year". The company, which is pre-revenue, reported an operating loss of $0.93m for the year to 31 March, down from a $1.22m loss the previous year, while the year-end cash balance improved to $1.68m from $0.98m.

Empyrean, which holds an 8.5% interest in the Duyung project offshore Indonesia, said a "protracted waiting period" had weighed on its financial year as it looks to maximise value from the Mako gas field within Duyung. However, recent developments "have been somewhat more encouraging", said chair John Laycock.

During the period, Empyrean acquired an option to participate in the Wilson River oil prospect in Queensland, Australia, which spudded in mid-March. It also owns a stake in the Sacramento Basin in California, though no work was conducted on the project during the period.

Just last week, Empyrean reported on the untimely death of its managing director and chief executive Tom Kelly following a tragic accident.

"For now, on behalf of the Board and all at Empyrean, I reiterate our earlier sentiments that our thoughts are with Tom's family and friends and our deepest condolences go out to them," Laycock said.

Shares were down 14.4% at 0.063p in afternoon trade, having fallen 30% so far this year.