Empyrean Energy

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

Big Al- While accepting its not a certainty, the fact they have UV is a positive.Couple this with the Well has produced over 200bopd (at the time was considered to be uneconomic)gives rise to optimism, which is why they are continuing with testing. So we know we have oil, (at the start it was stated as just an engineering exercise) again its not a foregone conclusion and as the saying goes "the proof's in the pudding" imho i believe that we will get oil flows, its a matter of in what quantities.They also said they may drill up to 7 Wells in Eagle.
But in the short term Glantal (which hopefully is the jewel in the crown) is
most likely to produce news? Any sort of commercial find will see this companies
value "rocket",i believe they quoted 50mcf as economic against a possible
6.2 tcf for one area of the acquistion.
One other piece of news from the AGM, 2 other CBM projects have been brought to their attention, but they are understandably tight lipped at this moment concerning them.
cyril

Cyril - positive, yes, but far from the golden goose on more occasions than not. I'm about to celebrate my 25th year in the oil & gas business and what often gets me about these news releases with these companies, particularly the small ones, is what they don't say. To my mind, I wonder why they would feel the need to mention fluorescence at all apart from keeping the tone positive when in reality there are a myriad of other more compelling things that should be noted.

Unfortunately, I've seen this above tendency frequently since oil became a big thing this past couple of years. If it helps the price, then ride it, but be prepared to cut and run pronto. A lot of these outfits are run by cowboys lining their own pockets at the expense of punters like ourselves - not saying EME is BTW, the a comment like that makes you wonder sometimes.

Best of luck anyway, folks.

Thanks AL for the insight, always welcome to hear from someone with hands on
experiance.Certainly given me food for thought,we are of course discussing
the Eagle project?
Whats your take on the Glantal Gas Project, which is due results over
the coming days/weeks,and the reason i'm in EME.
cyril

Cyril - yes, Eagle has been my main focus. Not really up to speed with the Glantal stuff, but I'd read a bit on the ops at Eagle and wasn't overly impressed with the way the operator had handled it and reported it. I'm still at a loss as to why they set that liner early and went down a holesize to drill the rest of the drainhole. That is very far from normal and I'm certain they've not told the full story there because it's negative news. If you think from that point of view you can see why their mention of fluorescence is relative nonesense.

Glantal sounds interesting, but I've not checked it out.

FYI I was long EME from about 35p to about 95p earlier this year.

EME is mentioned in Shares Mag this week about the imminent testing on Glantal.

20% plus down on the Glantal news on very little volume..thoughts anyone?? 18 more zones to test..is this overdone?

..make that 40% plus...

This just another over-priced oil stock. Exploration companies are overdue for some realism in thier SPs. It has been an 'oil dot com' boom.

Certainly is overdone, with more zones to be tested at a higher level, at Glantal this will come up substantially with a huge find. The crew are well on there way to find commercial flowing gas. look what happened at Vog this dropped then rose dramatically, when gas was dicovered, good things come to those whose who wait.So be it will recover as instituitions are in at 1.30p. relax for a while only small trades are present on the current sells.

It doesn't bode well that they got water. Admittedly, water at the base is not the end of the world. As ever, I admire the way they word these news releases. ;-)))

So that is where Labour party spin doctors go when they are past their sell by dates.

I have cut and run ..... also note that there is no news at all on Eagle which also does not bode well (IMO)

LOL Haystack

Bellow support level and falling

50p Haystack - go back to a yearly chart. Broke above 50p and retested mid Jan - I remember it well. ;-))However, it now needs to hold and consolidate here to form a base when faced with such a strong downtrend.

Watching

I think the next support is at 40p

and I am glad I cut and run ..... sorry guys, but I really do not like the feel of this stock anymore .... I smell nothing but grim news in the air

Think I'll stick with 50p for now, Haystack. ;-)) Volume when it dipped below was large - 60min chart is interesting.

Just been released by Galaxy Energy that all 4 zones for the well tested are duds, site now plugged.

Sorry guys, but my sense of smell was clearly accurate ...... I got smacked with the last RNS ..... In fact feel doubly sore as was about to lighten my holding at 80p but just as I was lining it up, the price collapsed to 55