Empyrean Energy

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

I'm certainly not prepared to put my money on them. Many better oil outfits than this one IMO

so will pigs, with or without infection!

is this baby about to blow? mms have been playing with the trades trying to get suckers to sell...also i think alot of t-10's got caught out by big rise and are being screwed by the vermin...far safer spread betting...just chill

blimey no posts by cynic or big al for 2 weeks..probably be back when it starts moving north again

my prediction...EME will be a 20 bagger if you bought at 4p...watch it fly soon

don't know where Al is, but I have been in Bombay and Dubai on biz all this time ...... flying home midday

chart shows nothing to get excited about, the small tick up attributable to the slowly improving crude price ...... as so often said, this company is at the bottom of the barrel, below even RKH and FOGL

cynic..how many shares have you got in EME?

Don't worry, I'm here. If it's worth buying, I'd buy it, maestro. At present, I don't believe it is.

I'll stick with others, particularly EO., thanks. ;-))

none - i'm not that much of a mug

sold out now..got into jarvis..heard a bid roumour from a respected source

All change in 2 days, eh? ;-)))

no point watching paint dry...all about timing...will be back when ive doubled my money on jarvis

eggs, basket, in, all, one???????

Oh god, I hope not Maestro! (Eggs in one basket that is!).

"bid rumour from a suspicious source"? ..... not been listening to yourself again have you?

no i've got VOG as well...hoodless brennan guy told me to buy that last week at 3.5p..he said they have brought it down from 250p and now the planis to take it back up there..sounds good a 70 bagger

LOL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Empyrean results


Not much cheer here, despite survival. Much seems to have hinged on the reduction of interest in the recent Weston well, which should be worrying. Several producers have stopped producing as well. Hmmm.

RNS - 10.06.09
Highlights
Placing to raise 816,000 at 6p for new project.

Directors participate in the capital raising.

Participation Agreement signed for 10% of the Riverbend Project - an exciting new gas play.

Riverbend Project has already confirmed high pressure gas reservoir with estimated 800 billion cubic feet equivalent gas potential.

First well drilled encountered multiple gas flares and higher pressures and gas influx than those seen in prolific Austin Chalk wells drilled by other operators directly north of the Riverbend Project.

Placing
Empyrean Energy Plc is pleased to announce it has raised 816,000 before expenses, through a placing of 13,600,000 new ordinary shares of 0.2p each in the Company ('Ordinary Shares') (together the 'Placing Shares') at a price of 6p per Placing Share (the 'Placing'). Empyrean Directors, Tom Kelly and Frank Brophy have taken up 2,000,000 and 166,666 shares respectively in the Placing and following this will own 8,500,000 and 1,333,332 shares respectively in the Company.

Proceeds from the raising will be used for the acquisition of a 10% interest in the Riverbend Project in Texas (further details below).

Following the Placing, Empyrean will have approximately 1,800,000 cash at bank (net of expenses) prior to its participation in the Riverbend Project below.

Riverbend Project
Empyrean is also delighted to advise that it has entered into a Participation Agreement with Krescent Energy Partners II, LP of Houston Texas ('Krescent') to acquire a 10% working interest in Krescent's Riverbend Project located in Tyler and Jasper Counties, Texas ('Project Area'). An affiliate company, Krescent Energy Company LLC is the designated operator.

The Project Area is located south of the prolific Brookeland Field (Austin Chalk) and southeast of the prolific Double 'A' Wells (Woodbine) field. The Project Area currently comprises a total of approximately 40,000 acres under lease or exclusive option and an area of mutual interest totaling 50,000 acres. The main targets for the Project Area are the Austin Chalk and shallower Saratoga Chalk plays. Additional upside exists in the Wilcox and Yegua sand formations where Krescent has identified three separate prospects. The project comes with access to 60 square miles of Krescent's proprietary 3-D seismic coverage in the Project Area.

Krescent commenced drilling operations for the Austin Chalk zones in the Project Area in July 2008. Upon penetrating the Austin Chalk 'B' zone and while attempting to build angle to get the wellbore to horizontal within the targeted zone, the Quinn 3-H well encountered higher than anticipated pressures with commensurately significant gas influx to the wellbore. Krescent was able to successfully steer the well to horizontal within the targeted Austin Chalk 'B' zone, but the pressures, gas influx and fractures exceeded those seen by other operators drilling similar wells to the north of the Project Area.

Ultimately, after achieving ~1,000-ft of total horizontal section through the main target Austin Chalk 'B' zone, a blowout occurred and the entire ~1,000-ft horizontal section was lost. Because of the higher than expected pressures encountered while drilling, and due to limitations presented by the drilling equipment then on location, Krescent and its partners, elected to stop drilling and temporarily abandoned the well in order to move a rig on with a greater pump capacity and re-drill the lost horizontal section. Krescent and it partners also saw an opportunity to take advantage of falling rig and service rates in the industry. The new rig, which is capable of operating in the higher gas pressure environment, is expected to become available in approximately 60-90 days, and a further announcement will be made closer to arrival of the rig. The well has a sales pipeline already connected and upon successful completion the well will be flow tested direct to sales

Empyrean will earn its 10% interest by reimbursing Krescent for 10% of the land costs (EME share = US$1,049,600), plus 10% of original cost estimate to drill the Quinn 3-H (EME share = US$1,000,000) and then paying 10% of the cost to re-enter the Quinn 3-H well and drill and complete the horizontal section (EME share estimated at US$300,000). Empyrean will then pay 13.33% of costs to earn a 10% interest on the second, third and optional fourth well before paying 10% of costs thereafter on those wells and any future wells drilled."

Business Financial Newswire
"Empyrean Energy Plc has raised 724,000 before expenses through an institutional placing of 12,066,667 new shares at 6p apiece.

The placing comprised 700,000 raised from institutional investors and a further 24,000 from an existing overseas institutional shareholder.

Proceeds from the raising will be used for working capital and for the further development of the Riverbend Project in Texas. "