Empyrean Energy

Web site : http://www.empyreanenergy.com

I'd take issue with the "great result" bit. The area being drilled is very well known and 3 from 6 is average at best IMO. As for the numbers, 44% of everything together will provide cashflow, but hardly company-making is it?

........... but then the chart says it all really, I guess. A bit of leveraged trader froth last month and they move on? ;-))))))

Hello?

Expect an RNS later today? news from our JVP's is that fraccing of S/L1 is expected
to commence EOM, with S/L2 expected to spud mid Sept.
cyril

RNS today:
LONDON (Thomson Financial) - "Empyrean Energy PLC said testing at the Sugarloaf-1 well is expected to start within two weeks and the proposed Sugarloaf-2 well is expected to spud in mid-September.

The operator of Sugarloaf-1, Texas Crude Energy Inc, said the testing can start by the last week of August because the frac and testing equipment is available.

At the Sugarloaf-2 prospect, the operator has confirmed that the Kennedy-1H drill rig has been secured and construction at the drill site has started

The well is expected to spud by mid September and the Kennedy-1H is expected to take 45 days to be drilled and completed, followed by fraccing and testing if successful.

Empyrean has a 6 pct working interest in Sugarloaf-1 and an 18 pct interest in Sugarloaf-2."

The oil rig to be used for S/L2 is the most powerful in Texas, its the same one which drilled S/L1. It is planned to drill to just 12,00ft before kicking off to a
5000ft horizontal section in the upper zone of the cretaceus aged carbonate
reservoir. One hell of a big rig to perform this task, don't you think?
"O the pressure,the pressure"
cyril

cyril

You need a fairly hefty land rig for this drilling work. Drill to 12000ft and kick off to do a 5000ft horizontal bore requires a bit of power.

;-))

Meanwhile, the share price sits on critical support IMO. How many were smart enough to take a profit last month?

Gapped down through support. Doesn't look too clever now, does it? Where did those bulls go? ;-0

Sold months ago! Dusted myself off & haven't looked back.
Looking at the chart, I don't think I have missed anything!
Although I know you were in the business, interesting that you still follow this one, Al. Almost as if you wish............

I'm intrigued to know if my reading between the lines of the RNS's is correct. I'm happy with my "hit rate" so far. LOL

Long term, price will be determined by the drill bit and the testing thereafter...

I go out a few weeks ago at .65p sold 20,000 shares. I am not buying back in at this price. You may be able to top up a lot cheaper soon the way the market is going at the moment. I saved my self 6000 selling up and was 2000 down on them at that time. |Good luck to all holding.

phew! delighted to hear it janet ..... hope you are not getting itchy fingers either

Long term sucks around here, John. ;-)))

Long term sucks in a lot of the oil juniors at the moment, Al, MXP got really cremated today and it has real prospects. Some of these companies will make it and the potential upside keeps getting better at the moment. When and who you buy that's another matter...LOL

Al as far as the rig is concerned, yes a powerful is regd,but we are talking the
"most" powerful rig in Texas. Regards to the holding of stock is much hindsight(yes i
expected some retracement but not on this scale), it would have been better to have sold high, but with news out almost any day soon what price to get in? Much of the SP is down to the dire state of the market,and who can hold their hand up and say it was going to get this bad.
For myself i closed all S/Bets,(EME at 66p) and chose to hold on to the others, as i bought at 27p. Now what to do, is the question, i certainly will not be selling now with news so close.If we check the news given on the 25th July from
Well 1 Block A, 1500ft of the 4000ft horizontal drainhole was complete, news that drilling is at 4ft/hr is almost 100ft/day so 25 days to complete ,which brings us to the 20th Aug for possible news.
If this is as big as being made out to be then the MM's will put a pretty hefty
mark up, so anyone who is thinking of buying back in, then theirs a very good
opportunity to get in at a possible barguin price. No guarantee's to whether it has
bottomed or the outcome of the drilling, thats for each to make their own
decision on. As i said i've stay in,whatever one does, best of luck.
aimo
cyril

A bit of a boing today.

Cyril - do you have a link to the rig owner's website? I've tried to Google it, but it won't come up. I'd be interested in the specs.

The well is 17000ft plus build section so this is a long well. I'm intrigued by the 4 ft/hr bit as well. They'd be real smart to get it away in 45 days at that rate, even if it's just the horizontal section.

Al i don't have that link, but i'l try and get it. Its the giant Patterson;s rig.
cyril

For those swing trading, now is the time to buy imo.

Coming few weeks the rampers will be working hard pumping EME into the SL-1 testing and results.

Al ;the operator is Texas Crude Energy Inc. TCEI
Its the same rig which drilled S/Loaf 1 spudding 18th Aug and drilled to a
depth of 20896ft by the 29th Nov, just over 3 months.
Its the Patterson#30 2000HP Triple Tower.
PP is right, as interest increases so will the SP, it just whether one wants to play safe or stick with it?
They don't continue to drill unless they have good reason?
aimo
cyril

Thx cyril. Had a look about, but can't find the full spec. 2000HP is pretty hefty