Empyrean Energy

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

Increased placing.........institutional demand!!!

"Further to the announcement on 19 March 2009 and in response to additional institutional demand, Empyrean Energy Plc, the oil and gas explorer and producer with assets in Germany and the USA, announces an additional issue of equity.

The Company has conditionally raised a further GBP350,000 before expenses,.........................at a price of 3p per Placing Share "

if they have to go to a placing (rights issue) to raise a paltry 350 before expenses, then they sure are in dire straits

Indeed. ;-)

added more...gonna blow very soon!

blow what little dosh you have left more likely

Looks like they are doing this in stages (maybe to lessen the impact):
"Further to the announcements on 19 March and 21 March 2009 and in response to additional demand from directors of the Company and other long-term shareholders, Empyrean Energy Plc, the oil and gas explorer and producer with assets in Germany and the USA, announces an additional issue of equity.

The Company has conditionally raised a further GBP250,000 before expenses, through a placing of 8,333,335 new ordinary shares of nominal value of 0.2p each in the Company ('Ordinary Shares') (together the 'Additional Placing Shares') at a price of 3p per Placing Share (the 'Placing'). The Placing has been performed under existing share allotment authorities."

Struggling, as all mickey mouse oil outfits are in this credit crunch, HC.

As good as dead this one IMO.

Not sure whats what, but some are prepared to invest and you can bet your bottom dollar they have more info than us.
cyril

just goes to show that some fools and their money are even more easily parted than usual ..... both Al and i have been telling you all for ages that this company is not even as good as a load of manure ..... for goodness sake, stay away!

cynic, had you read my past post, you would have understood i sold out along time ago. I kept some from my trading profits before the market went soar.
My point is that those prepared to loan at this time are in posession of of a lot more info than the average punter.
Take a look at CHL, significant upgrade to be annouced.
cyril

you have a touch of maestro's conspiracy theory syndrome!
have no idea who CHL are

cynic.

CHL= Churchill Mining (coal).

This was my pick for 20% down on TMF for March.......well done EME :)

Anyone in EME looking to make some money back might want to consider AST and IPL going forward........... ;)

"Empyrean Energy Plc, the oil and gas explorer and producer with assets in Germany and the USA, is pleased to advise that it has entered into arrangements with Texas Crude Energy Inc ('TCEI') to seek a farmout of up to half of Empyrean's 6% interest in Block B of the Sugarloaf Project which is part of the Sugarkane Gas and Condensate Field. TCEI is the operator of Block B and will lead the farmout effort with the assistance of Jefferies, Randall & Dewey, a leading US oil and gas advisor.

Empyrean will join some of the other joint venture partners in the Sugarloaf Project on Block B to contribute equity to this joint farmout effort which will result in sufficient equity being available to attract a significant E&P company or investor. It is envisaged that the incoming party will earn equity by carrying the farmout parties including Empyrean through a drilling and well stimulation work program in a timely fashion. Details of the terms of any farmout agreement reached will be advised at the time they are concluded.

Pending finalisation of the farmout arrangements, it is expected that field operations within Block B will be limited.

The arrangements that Empyrean has entered into do not include and do not affect Empyrean's interest in the 5 wells it has participated in on Block A. Work will continue on Block A irrespective of the farmout arrangements on Block B and the revenue percentages from those wells already on production on Block A will not be affected by the farmout arrangements on Block B."

I.E. - we've no dosh. ;-0

MoneyAM
"Oil and gas explorer and producer Empyrean Energy is pleased with early production from Block A on the Sugarloaf prospect in Texas.

Combined total production from the block in March was 15,621 barrels of oil and 113,693,000 cubic feet of gas.

Empyrean executive director, Tom Kelly said: "We are pleased with the early production, in particular from the horizontal wells A-1, A-3 and A-4.

"With the A-2 vertical well to come on to production and further work likely on A-5 vertical well, we expect that production will increase.

"We are also finally able to confirm that Conoco Phillips is the operator of the Block A wells and having a company of their calibe operating really speaks for itself."

tells you bugger all, and market is rightly underwhelmed

"With the A-2 vertical well to come on to production and further work likely on A-5 vertical well, we expect that production will increase."

No s**t! ;-))))

Not sure having a big company involved is any sign of success whatsoever. In some ways it can be detrimental and I've seen the biggest ones screw up horribly. EME always feel the need to make it as glossy as they can, don't they? In mitigation, the fact they have production is good, but they are clearly (from previous RNS) struggling for cash like any other small outfit.


Things are a wee bit better, but I still wouldn't invest.

big Al...how much are hoodless paying you to post on message boards? lol!

You should've been on EO. maestro. ;-))))))))