Empyrean Energy

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

StockMarketWire.com
Empyrean Energy has been awarded a permit for 100% of the exploration rights for Block 29/11 in the Pearl River Mouth Basin, offshore China, following a successful application to the China National Offshore Oil Corporation.

Empyrean will be the operator of the permit during the exploration phase.

Highlights - Excellent location - offshore permit located approximately 200km South East from Hong Kong in seabed depths ranging from 340-600m and directly South of a large producing field

- On trend with additional recent discoveries immediately to the West and South

- Two existing exploration prospects, Jade and Topaz, mapped with multi-vintage 2D seismic

- Upside potential - a further ten leads have also been mapped that require follow up exploration work

- Extensive permit area - approximately 1,800 sq km

- Work programme required for the first 24 months is anticipated to be funded by existing cash resources

- Empyrean will acquire and complete processing and technical evaluation of 500 sq km of 3D seismic data

Chief executive Tom Kelly said: "To have been granted a permit of this size and located on trend to existing large discoveries is a real coup for the Company which follows hot on the heels of our sale of the Sugarloaf AMI Project and subsequent return of value to shareholders. The permit represents a fantastic opportunity for Empyrean, given its significant resource potential and the presence of two large and relatively mature drilling prospects, Jade and Topaz.

"Therefore, we look forward to advancing these, as well as additional targets identified, alongside Gaz Bisht, who has a very thorough understanding of the region via his previous extensive work in the region.

"We also acknowledge and thank the CNOOC team for the consideration of our bid proposal and we look forward to working with CNOOC to unlock potential value within the Permit area."

4 directors buying, 2 putting a half decent chunk in, any thoughts?

I last held this stock in 2006.....so much has happened that I can't really recall why it all eventually went wrong. Possibly worth a bit more research

more likely, not worth the effort

StockMarketWire.com
Empyrean Energy has issued an update on its operations in China, Indonesia and the United States.

The company said that in China, its 3D seismic acquisition programme on block 29/11 was progressing well with approximately one-third of the acquisition complete.

It said the data collected so far had been of good quality.

Mako South-1 well Duyung PSC Indonesia: The company said it had been advised by Conrad Petroleum that the COSL Seeker jack-up rig had arrived on location for the drilling of the Mako South-1 well and was presently continuing to rig up in preparation for operations to commence within days.

It said a further announcement would be made when rigging up was complete and drilling operations began.

Sacramento Basin assets@ Empyrean said that Sacgasco Limited was in the final stage of finalising the farm-in agreement and JOA documents.

It said that as announced yesterday, Empyrean was required to pay US$10,000 upfront and then a further US$90,000 upon signing the farm-in and JOA documents for the Dempsey frospect and a further US$20,000 to reimburse Sacgasco for back costs and leasing of the Alvares prospect.

In addition, Empyrean was required to pay US$1,500,000 by today towards dry hole costs (i.e. up to the point of testing and running production casing or abandonment) of the Dempsey-1 well to earn its 25% working interest in the Dempsey prospect.

It said that if the Dempsey-1 Well costs exceed US$3,200,000 then Empyrean would pay 25% of any further costs under standard JOA terms.

Empyrean said it had paid US$10,000 under its agreement so far and Sacgasco had agreed that Empyrean would pay the balance of US$90,000 for the Dempsey deposit and US$20,000 for the Alvares deposit within three working days of signing the definitive farm-in agreement and JOA documents.

It had also been agreed that Empyrean would pay US$1,500,000 for the Dempsey consideration after the definitive farm-in agreement and JOA had been signed and within five working days of a cash call by Sacgasco to Empyrean prior to the drilling of the Dempsey-1 well.

Empyrean said it was fully funded to make the payments for the Dempsey and Alvares deposits and Dempsey consideration.

duster?

The issue isn’t it being a duster, controlling the extremely high pressures is the refreshing and exciting issue they faced. The gas will be the same source which is already being produced in their other wells throughout Sacramento

Eme have drilled in a prolific gas province meters away from the gas distribution station. Shallows and deeps all gas soaked over many zones under very high pressures.