Empyrean Energy

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

bwd, Kowalik is supposed to be the main opportunity here where eme has 18%. News on that is expected early next week although there should also be an update on today's RNS when the mud clears. The Advfn eme thread is well researched. Trotting on that board has been very reliable and reckons next week could well be much better.

Volume ain't bad, cynic, at least compared to the last few months' rolling average.

Haven't really kept my eye on this one for some time, but a big mover always seems to catch my attention. ;-))

indeed, and sp has powered through all moving averages too, so with luck, i shall indeed prove to have been totally wrong

I'd point out the chart in the header. We've been here before. I still can't see a huge future for this lot. They're scratching at it really.

The thing with the Austin Chalk is that it can be very porous, hence the "big" flares whilst drilling. Unfortunately, in order to produce long term you need permeability. I don't see they've had that on any wells. The fracture treatment should help this, but they'r still found wanting to a great extent. Never say never, but very high risk IMO and after soooo many disappointments over several years it seems unlikely they'll ever do much.

Tell me Big AL, who's they'r?
cyril

Kowalik -1H
Adelphi has been advised by the operator, Texas Crude Energy Inc (TCEI), that on 31
October 2008 operations commenced to unload the Kowalik -1H well. As at 6am Texas
time on 2 November 2008 the well was still cleaning up and was flowing gas,
condensate, drilling and completion fluids. Once the well is fully unloaded, which may
require a second chemical wash to remove mud from the well bore, the fully stabilised
production rate will be advised.
Weston -1H
Adelphi has also been advised by TCEI that the Weston -1H well spudded on 2 November
2008. At 6am the well was drilling ahead at a depth of 392 feet. The well site is located
~1.5km to the east of the Kennedy -1H well which is designed with a 6,000 feet horizontal
section drilled to the south east.
As previously advised, the well is targeting the upper chalk interval that has been
reported to have successfully produced gas and condensate in four wells in the
adjacent acreage and in which the Kowalik -1H well has been drilled.
Adelphi has a 20% working interest in the Sugarloaf AMI. Other ASX listed participants in
the Sugarloaf AMI and their respective working interests are:
Aurora Oil and Gas Limited 20%
Eureka Energy Limited 12.5%
cyril

Waiting a few more days is no hardship. There is apparently a lot of optimism among those close to this so it is highly likely that they already have a very good idea what the outcome will be.

I'm always a bit nervous when I see/hear the word 'apparently', especially when it is alongside a comment re those 'close to' the company. I imagine this a euphemism for a rumour.

I won't comment - so far I have been impressed. You make your own mind up.

Kowalik -1H Well

Empyrean has been advised by the operator, Texas Crude Energy Inc ('TCEI'), that at 6am on 3 November 2008, the Kowalik-1H well was flowing un-stimulated to sales on test. During the 24 hour period to 6am the well produced 937,000 cubic feet of gas, 321 barrels of oil and 14 barrels of water. The water production is considered to be predominantly drilling and completion fluids. The well was still producing slugs of drilling mud during the period and had not fully cleaned up.

The operator is planning to inject a mud-cleanout treatment into the wellbore in the next day or so to help mobilize any remaining drilling mud and completion fluids. Such treatments have effectively been used many times in the Chalk at analogue and other fields to enhance the flow and clean the formation.

Commenting today, Empyrean Executive Director - Tom Kelly said: 'We are happy to see the Kowalik well flowing to sales early in this test. The operator has not finished clean up operations; therefore we will make a further announcement as those operations are completed.'

Empyrean has a working interest of 18% in the above well.

cyril

This ought to be enjoying a run-up to an RNS on flow rates - not joining in the general market weakness. The confidence the company has in a successful outcome does not seem to have changed over this last week - so why the fall off in sp?

either insiders know more than you or just general sell off as positions closed either willingly or otherwise

I'll go for the latter (particularly hearing the positions some are having to unwind on a range of stocks) and also the general level of 'rumour' has seemed to be quite accurate in the past. Nevertheless always alert to being duped either intentionally or otherwise.

http://miningbeat.blogspot.com/2008/11/empyrean-energy-enjoys-sweet-taste-of.html
cyril

Underwhelming

Empyrean has been advised by Texas Crude Energy Inc ('TCEI') that the TCEI JV Block A-5 well has reached total depth of approximately 12,470 feet. Electric logs and casing have been run. The logs indicate that the well intersected the upper, middle and lower potential pay-zones of the Austin Chalk and possibly the Eagleford Shale.

The operator is presently assessing the well data before deciding upon a completion and testing plan.
cyril

am i being even more cynical than usual to observe what they do NOT say?

No, pragmatic.

i shall be accused of rattling the same old tin, but i do very much fear more disappointment in the offing

It's an easy tin to rattle in the current market because even if/when more positive news is released some will be sure to use a rising sp to take profits for applying against other positions which need cash backing. Might as well resign oneself to mediocre gains no matter what.