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Oil company Empyrean Energy said it would not be participating in the proposed drilling of the Borba prospect in the Sacramento Basin, onshore California, under terms proposed by operator Sacgasco.
'Whilst Empyrean views drilling the Borba prospect as being the logical next phase of exploration in the suite of JV projects in Sacramento, it has decided for the time being to focus its resources on its South East Asian assets,' chief executive Tom Kelly said.
At 2:11pm: (LON:EME) Empyrean Energy PLC share price was -0.2p at 3.6p