Empyrean Energy Plc announced that it has arranged a USD 5 million drawdown under Tranche B of its facility with Macquarie Bank Limited to fund operations during 2014. This work will include the increased pace of drilling expected on the Sugarloaf AMI, condensate and gas development project, in which the company has a 3% working interest and which is operated by Marathon Oil Company. In addition, the company also announced that it completed its scheduled repayment of an amount totaling USD 1,500,000 on its term debt under Tranche A of the facility.

This repayment was made from sales proceeds received from production. The company expects that further drawdowns on the facility will take place to fund the development of its working interest in the Sugarloaf AMI.