Empyrean Energy

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

he merely walks in his shadow - lol!

No relation have not heard of them EME medium to long term company buying into

it's solid and sustainable news from EME that has been much longer than even long term in materialising ...... if this company even survives, let alone successfully, it will be far more by luick than judgement ...... in the meantime, the rating of "crap to be avoided" remains firmly in place

Sinking sp

Must admit I didn't imagine single digit prices here.

However, I do know the credit crunch has pulled many small operators up. They cannot get finance.

Wrong area of the world.

They are working in area's where the costs of exploration and production are high, and in a recession enviroment and falling energy prices, EME will get hit harder than most IMO.

Could fall a lot further yet in the coming weeks.

imo, EME's main problem is a lack of credibility ..... whereas EME has often promised much and failed to deliver, HAWK (being a reasonable comparative) has kept its investors regularly informed and almost never failed to meet expectation.

it states the obvious to compare the sp's, but then the current low level of crude hits these minnows hard pretty much regardless of quality

Anyone getting any comments as to why the sp is improving today? Don't answer that one, Cynic; I think that I know what you might say.

possibly, but for those who don't, then same comment as i posted on AMER ..... rise could easily be down to end year closing of very profitable short positions

Sugarloaf Project, ('Sugarloaf'), Block A & B, Texas USA

Empyrean Energy Plc, the oil and gas explorer and producer with assets in Germany and the USA, provides the following update on operations on the Sugarloaf Project which is part of the Sugarkane Gas and Condensate Field:

As mentioned in Empyrean's interim results for the 6 month period to 30 September 2008 Empyrean has had the ability to revert back to its original 6% interest in Block B if it decided. Empyrean has decided that it is in the Company's best interest to revert back to the original 6% interest in Block B effective immediately.

Empyrean will retain its interest in wells on Block A and B that have already been drilled and completed. Empyrean will pay 6% of costs for a 6% gross interest (approximately 4.5% net interest after royalties) for all future wells on Block B that it decides to participate in and will revert to a 6% interest on the Weston well which is currently drilling. Empyrean will not be participating in further Block A wells under the present arrangement.

This strategy will dramatically reduce the Company's cost exposure with immediate effect. The Company had already drilled 7 wells out of the 16 well deal. The operator of Block B, Texas Crude Energy Inc, anticipates that if the field is successfully developed then in the range of 140 wells may be drilled on Block B (approximately 1 well per 160 acres).

Commenting today, Empyrean director Tom Kelly stated - 'The decision to move back to the original 6% interest in Block B has not been made lightly. The overall potential effect on value to Empyrean is minimal and the immediate effect of reduced cost exposure is dramatic. Empyrean will however have to absorb the impact of writing off a portion of the costs associated with the Weston well that have already been incurred at the higher participating interest. The current economic climate globally is tough and the directors of Empyrean have made this decision conservatively. With revenue from already completed Block A wells coming on stream we will be in far better shape to meet our development obligations given the present market conditions.'

Further updates will be provided following developments.

cyril

12.01.09
"Empyrean Energy Plc, the oil and gas explorer and producer with assets in Germany and the USA, provides the following update on operations on Block A which is part of the Sugarkane Gas and Condensate Field:

TCEI JV Block A-1 Well

Empyrean has been advised by Texas Crude Energy Inc ('TCEI') that the TCEI JV Block A-1 well is flowing to sales after having had 1800 feet of new perforations added during December.

The well is flowing to sales from a new 1800 feet interval that has been fracture stimulated in late December. The original 900 feet of perforations has been plugged off during this new production test. It is the intention of the operator to couple the original 900 feet of perforations with this additional 1800 feet interval following further flow testing.

Empyrean has a working interest of 7.5% in this well.
Further updates will be provided following developments."

and the market remains underwhelmed ..... surely that should be telling you something?

No dosh.

No mention of flowrate.


Doesn't sound too good, does it?

Yes eme have assets at the sugarloaf-1 and initially further updates will be announced on the progress and rates will be excellent etc

Right shadow, now back to sleep. ;-))

same old mantra shadow ...... you're as boring as me, except my prognostications look to be the more accurate!

RNS 14.01.09
"Weston-1H

Empyrean has been advised by the Operator Texas Crude Energy Inc (TCEI) that on 13 January 2009 the well was drilling ahead at a measured depth of 12,935 ft within the target horizon of the Austin Chalk. During the week, an additional run was made once the well was landed out to condition and smooth the kick-off bend. Gas levels within the Chalk have increased from a background of 20 - 30 units to approximately 250 units.

Kowalik-1H

Empyrean has also been advised that the well has been cleaned out to the toe of the well (16,480 ft) with 4% KCl and a mud cleaning agent conveyed by coiled tubing. The cleanout removed a number of blockages over the bottom 1,500 ft section of well - a zone which encountered several strong flares during drilling. On initial flowback, the well flowed 131 barrels of oil, 577 thousand cubic feet of gas and 10 barrels of water over a 24 hour period which represents a small increase over the pre-washout rate. The well is continuing to unload.

Now that it has been confirmed that coiled tubing can be run to the bottom of the well, the forward plan for consideration is to conduct an acid stimulation of the bottom section of the well. The use of acid in Sugarloaf Area A wells is believed to have proved beneficial by enhancing the permeability of natural fractures. The timing of this operation is subject to finalisation of program design and availability of equipment.

Further updates will be provided following developments."

As usual, nil impact on sp. Might as well tell us about the weather in Texas.

Sugarloaf Project, ('Sugarloaf'), Block A & B, Texas USA

Weston-1H

Empyrean has been advised by the Operator Texas Crude Energy Inc (TCEI) that at 6am Texas time on 20 January 2009 the well had reached a measured depth of 14,978 ft. Gas readings have increased since entering into the chalk with a maximum daily average reading of 3100 gas units. Minor flares have been observed whilst drilling and circulating.

The well is targeting the upper chalk interval that has produced gas and condensate in Block A and also the Kowalik-1H well.

Empyrean has a 6% interest in the Weston-1H well.
Further updates will be provided following developments."

oh good, says the market, we remain totally underwhelmed and reckon 8.25p is at least fair value