Empyrean Energy

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

In the meantime Eo. has sprung into life this past couple of weeks. ;-)))

As far as EME is concerned, it's headed where it was always going to IMO. They need a real change to do better and I'm not sure I see that. If they're not moving on the news that has come out in the last year or so, there's not much else. The eraly promise they showed evaporated long since. California and Germany were the big draws some years ago and nothing has happened there at all. To my knowledge the US gas price has fallen just when EME focussed on it. Not really very clever.

Although the sp doesn't seem to imply that EME has many friends left, the result of testing on the Hercules drill is apparently imminent and believed to be good. So why the sp weakness? Boredom or does anyone know more anything different. I would have thought that if Hercules or Riverbend (also apparently due now) had been at all bad that news would have been out already.

probably because time and again EME has promised much and then failed dismally to perform

From the latest news,
Kennedy 11.7mmcfe/d
Weston 11.5mmcfe/d 30 day average.
The ful article can be found on the ASX.
cyril

Encouraging news; still need the rest of what is due to be announced, which seems to be taking forever. That should be a good sign by my book - if they had duds to announce that would have to happen straightaway.

believe that and you;'ll believe anything

I know what I like and I like what I know.

9% and 3% seem to be EME's share, which i make roughly another 3m gross to be added to the pot per annum? This against a M/Cap of just 11.5m so slowly
getting there?
cyril

oh mitzy; you haven't got this load of shit too have you? ..... i suppose you'll tell us that bought your holding at 2p

you'll be pleased to know i'm out of this "load of sh**" with very small profit before it drops off the scale altogether..

none too soon either ..... it's performed almost as badly as GOO

With respect you used the same words to describe Petro Matad when I said buy at 14p before xmas...I must say I think you are losing the plot.

mitzy - you hanker after these amoeba stocks - i don't ..... i admit to mistakes; not convinced you ever do, though perhaps you never make them ..... history here shows EME to have failed 3/4/5 times to perform according to promise, which is why it is now only worth (a misnomer!) 8/9p having once been as high as 160p a couple of years ago - but then you would probably have us believe that you bought at 2p in mid 2009 .... even then, you should at least have top sliced in recent months at 16/18p

watch it i'm in this..get out while youve still go ya shirt

Maestro,

Prophetic words.

Not good news this am,broken string which they are unable to recover?
cyril

Why is anyone holding this? Amazing.

more like a (long) busted flush

So, now they need a measly 250,000 to possibly bolster their working capital? Not very inspiring, is it?


RNS Number : 6004J
Empyrean Energy PLC
01 April 2010

Empyrean Energy PLC
('Empyrean' or the 'Company', (EME))

Convertible Loan Facility

Empyrean Energy Plc has obtained interim financing by way of a committed loan facility of 250,000 with Apnea Holdings Pty Ltd.

The unsecured Loan facility is available for 6 months from 31 March 2010 and can be drawn down by the Company as required and will be due for repayment by 31 December 2010. Interest is payable on drawn down funds at a rate of 9% per annum, accruing daily and payable on the repayment date.

In the event of an equity capital raising between 31 March 2010 and 31 December 2010, the loan facility, in proportion to the amount drawn down and not repaid together with any accrued interest, becomes either repayable or convertible at the lender's discretion at any time prior to the repayment date. The loan would be convertible at the placing price of the fundraising.

Should no capital raising take place before 31 December 2010, the loan facility will automatically convert to shares in the Company at a conversion rate of 15% discount to the preceding four week average share price of the issued shares.

Draw down funds from the loan will be applied as working capital for the Company.

Thomas Kelly, Commercial Director of Empyrean Energy, is associated with Apnea Holdings Pty Ltd, and is deemed to be a related party. The loan is therefore considered to be a related party transaction pursuant to Rule 13 of the AIM Rules. The independent directors of Empyrean, having consulted with their nominated adviser, Astaire Securities, consider that the terms of the loan facility are fair and reasonable insofar as shareholders are concerned.

As a result of Thomas Kelly being a related party, Apnea Holdings Pty Ltd will not be able to convert the loan to shares in a close period. Thomas Kelly currently has an interest in 8,500,000 ordinary shares in the Company, representing 7 per cent. of the issued share capital.


Contact:
Tom Kelly Empyrean Energy Plc Tel: +618 93216988

Nominated Adviser and Broker:
Jerry Keen Astaire Securities Plc Tel: +44 (0) 20 7448 4400
Shane Gallwey Astaire Securities Plc Tel: +44 (0) 20 7448 4400

tell the directors to stump it up themselves ..... they can assuredly raise that pathetic amount using their own collateral