Empyrean Energy

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

Breaking news, 2007 annual report released after the ASX closed.

From that report,

Adelphi's participation in the Sugarloaf project in the on shore Gulf of Mexico Basin
Texas, has resulted in what could be a "substancial gas and condensate discovery"
and is currently undergoing appraisal.
cyril

so is the chart ...... pretty horrid isn't it!

cynic, yes horrid indeed. However charts are just means of recording SP at any
given time, which relates to news and sentiment at the minute. It also shows us highs and lows, and i feel we are at a low now? What is the downside 30% with
a possible 300% increase, news driven will dictate this SP. For me the information available(snippets as above) drilling progress and reports(confirmed discovery) along with increase of acreage(cloak and dagger) lead me to conclude something big is about to happen.
So it could be a very good time to get in or top up, for myself i would love to increase but i feel i have enough risk, and will wait for conformation before making a decision(if positive hopefully 60p?) on increasing.
aimo
cyril

the prob with EME, and i used to hold them a year or so back, is that the company lacks credibility ...... time and again it has promised to come up with the goodies and failed each time, citing bad luck or some such ...... while that may be true, and certainly drilling for oil is always long odds, failure is habit forming.

as for charts .... though you may mock, there are an awful lot of investors who find them an invaluable tool, so they have a habit of being self-fulfilling .... in this instance, with sp having fallen firmly through all the moving averages and with its downtrend still very much intact, it is more likely than not to continue in theat direction until the next bit of hype.

cynic i was not knocking charts just making a point, any such share on news
will show a straight line (north, south?). So for such companies news will dictate, although your right in so much as no news will cause(and has)a drift in the SP.
In the case of their past record, must agree. however EME are junoir partners,so
i don't believe that the past is in this case relivent.
aimo
cyril
ps Could you take a look at OEX's chart, and let me know your view's, as i'm
sorely tempted?

please may i finish my breakfast? .... lol!
will do for you, and will post on relevant thread

Even news of a "substantial gas and condensate discovery" couldn't buck the trend.

Surprising or is it that it wasn't that substantial after all? ;-))))

Empyrean Energy PLC
18 October 2007


18 October 2007
Empyrean Energy PLC
('Empyrean' or the 'Company'; Ticker: (EME))
Sugarloaf Prospect, ('Sugarloaf'), Block B, Texas USA

Encouraging gas shows as Kennedy #1H well enters target zone


Kennedy #1H Well
----------------
Empyrean Energy Plc advises that at 6am Texas time on 17 October, 2007 the
Kennedy #1H exploration well, located in the onshore Gulf Coast Basin in Texas,
USA had reached a measured depth of 12,720 feet (3878 metres) and was cementing
casing.

Since the last update, the well has been steered from vertical to horizontal in
order to track the target Austin Chalk upper zone, believed to correlate with
the producing zone in the nearby Sugarkane discovery well. Background gas
increased from around 40 units to about 100 units on entering the Ausitin Chalk
target zone. The commercial significance of the elevated gas background is not
known but is regarded as encouraging. As planned, casing is now being run before
the planned final 4,850 feet (1273 metres) of the well is drilled within the
near horizontal target Austin Chalk upper zone, in order to evaluate the zone
and its productive potential.


Sugarloaf-1 Well
----------------
The Operator has advised that preparations have commenced to re-frac and re-test
the deepest of the three zones of gas shows and log interpreted potential gas
pay in the Cretaceous age Austin Chalk Formation. As a result of the reported
early screen out when attempting to frac this zone last month, a revised frac
design and program will now be adopted. Timing of the proposed fracture
stimulation operation is subject to the availability of frac equipment and
services but is expected to take place as soon as these are available.

Further updates will be provided following developments.
The information contained in this announcement was completed and reviewed by the
Technical Director of Empyrean Energy Plc, Mr Frank Brophy BSc (Hons) who has
over 40 years experience as a petroleum geologist.

From ADI news, Fraccing expected in the next "few days"?
cyril

From the ADI web site, go to projects/sugarloaf
http://www.adelphienergy.com.au
cyril

Nothing new there then cyril

CHECK OUT ENCORE OIL EO. BIG NEWS NEXT WEEK

FPM too?
;-))

maestro should change his handle to "loadsashit" ...... though he may just make a correct call once in a blue moon

Reports coming in that the rig working on Kunde2 has moved,causing a lot of
confusion? Will have to wait and see, with fingers and several other parts crossed(very painful)
cyril

where are the reports coming from?

agent A(SSHOLE}

Good start this week. ;-)

Bad news coming today.

News out from Australian partner - yet another EME disappointment to come out -


24 October 2007
Company Announcements Platform
Australian Stock Exchange Limited
Exchange Centre
20 Bond Street
SYDNEY NSW 2000
Via ASX Online
SUGARLOAF OPERATIONS UPDATE

Sugarloaf-1 Well

Since our last update, the re-frac of the deepest of the three zones of gas shows and log interpreted potential gas pay in the Cretaceous age Austin Chalk Formation was undertaken, with all of the frac proppant injected into the formation as per the program.
Flow back operations have recovered over 70% of the frac fluid with traces of gas and condensate. Flowing tubing pressures have steadily declined.

The lack of significant hydrocarbon recovery and the flow pressures seen to date indicate that this deepest zone of the Austin Chalk is unlikely to be commercially productive at this location.

The forward plan is to continue the flow back to recover additional fluids followed by the acquisition of post frac wire-line logs for a full assessment of this zone.

The forward program and the timing of testing the two other Austin Chalk zones in this well will be determined by the joint venture after the current testing operations are completed and assessed.

Kennedy #1H Well
At 6am Texas time on 23 October the Kennedy-1 exploration well was drilling ahead at a measured depth of 13,481 feet (4,110 metres). The planned measured depth of this well is 17,570 feet.
Since our last report, casing was successfully run and cemented at a depth of 12,719 feet (3,878 metres) followed by the commencement of drilling the horizontal section of the well within the target Austin Chalk upper zone. Background gas levels within this horizontal section drilled to date have continued to be broadly consistent with those reported last week.
Adelphi, through its wholly owned US subsidiary Adelphi Energy Texas, Inc., has a 20% interest in the Sugarloaf Project which includes the Sugarloaf-1 and Kennedy #1H wells.

Yes the news is not good, although the lower of S/L1 was thought to be iffy, not
abandoned so once this level is completed they will test(or even drill horizontal)the
upper levels?
cyril