Oil and gas company Empyrean Energy has announced that it is ready to draw down the first US$10 million (£6.4 million) of an agreed debt facility.

This is the first installment of a three-year term debt facility totalling US$50 million with Macquarie Bank.

The cash will help the AIM-quoted company develop the Eagle Ford shale condensate and gas project in Texas. There are 35 wells in production at the moment and management expects that number to go up to 70 by the end of the year with 19 further wells in various stages of completion.

Consensus forecasts suggest the company will make £3.87 million in pre-tax profits in the year to March 2013.