Empyrean Energy

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

Not sure if this is good or bad sww

looking at rest of co now -- this is certainly most promiment now

They say possible multi-TCF target so let's say 3 TCF is total upside

On my calc if this flows that could be worth as much as 60m to EME on firming up of data --90m when flowing --- so now 180p but we're not going near that price yet

Mid case is for 1TCF -- 20m --- 60m when flowing -- so now 60p so we'll probably edge towards there until end Oct

Bottom case -- worthless and we're left with a oil find that needs to be tested and some water in Germany which may be turned into "wine" at a later date -- 20p per share

So overall reasonable but I know a better upside downside risk but I'm just not saying ;-)

EME have followed the other partners in their course of action, so I say fair enough.

Ignoring the comment that did not need to be said, and they have yet to hit the primary target.

Not bad really.

What happens next?

Cross your fingers and wait until November

Where's the buying from ? The States?

Secondary target has gas and we have talk in TCFs. Hmm, bit premature?

I'm rather interested in the highlighting of the "commerciality" or potential lack of it. This is quite bizarre. Think I'll forget today's news for now. Dunno which wireline logs were run, but there are tools which would give an indication of potential premeability, which would have to be confirmed by flowing it. It's always what is not said in these press releases that intrigue me. ;-)

Either way, it is highly unlikely they'll flow the 12 1/4" shows with this well if they set about testing the deeper stuff. With an further casings set, it is a fair task to get at it and flow it. I'm sure that if they felt it would be commercial enough they'd be making plans to leave that option open and they say nothing. Again, interesting.

Big Al-----it looks good!

Subject: Sugarloaf 1st Phase Good

Date: September 29, 2006
Sugarloaf Hosston 1st phase a success

We have dug the well to 14,480 and logged the upper sections.

Well was trying to flow back gas during the logging operations.

The Austin Chalk zone from 11,925 to 12,200 looks very oil productive. The log results may set us up to drill over 100 wells in offsetting lease (26,000 acres) to just produce the oil from that zone. The porosity is just about double from what is normally found NE of our well location. Some folks have successfully produced with as low as 3% porosity. We have 9 to 12% porosity.

Missed a bit:
The Edwards is from 12,275 to 14,000 looks tight or too dense to produce.

The Sligo formation begans about 14,500

The Hosston (Objective) begans at 17,000 Planned total depth is 21,000.

This morning they are running 9 5/8 casing to 14,480

This was dated 29th Sept.

Hi Big Al, I am mesmerised by the commerical comment, it's blinding me from seeing the rest of the RNS.

My gut feeling is they know this will not flow, or why say it?

If it does flow, then good luck to those who hold.

sww - I agree. I suspect the formarion (secondary target) is well-known in the area and has probably been a producing zone for many years. Normally, you'd have a look at it as you passed, but it is very rare that you'd do anything other than log it when putting it behind 9 5/8". I have drilled in the general area of Sugarloaf. ;-0

The thing that catches my eye on the Adelphi site is that the shallow reservoirs were originally exploited in the 50s and 60s. Does anyone think there is a multi TCF field missed at the shallower levels? Doubtful IMO. Anyway, the following is lifeted directly from the website.

The Sugarloaf prospect is surrounded within a 25 km radius by several shallower oil and gas fields. Most of these fields were discovered in the 1950s and 60s and contain total reserves of some 5 trillion cubic feet (TCF) gas and 100 million barrels (mmbbls) oil. The fields are a combination of structural and stratigraphic play types predominantly in carbonate rocks at shallower levels than the Sugarloaf prospect.

I suspect the "carbonate rocks" are the Austin Chalk.

9 5/8" being set just above the top Sligo if Rutherford has some correct number. I see mention of growth fault, so suspect an imminent pressure ramp.

and i know f-all about drilling or anything else for that matter, but is till agree with both seagoon and al ..... EME is not a good bet ..... and if by some chance they do actually find something worthwhile, there will still be plenty of time to make or even lose money after the event

I think the company and the people whom work for then know a lot more about drilling for oil and gas than anyone who puts there 2p worth on the thread.
Why dont we just let the share price do the talking.

it has, and you never know, but 2p may end up being the value

tcdmct - the point is, do they? ;-)))

I DONT UNDERSTAND THEN,WHY PUT GOOD MONEY AFTER BAD,AND also no way will it end up 2p.haha

Personally, I haven't, but I have played EME to the short side in recent months, i.e. following the overall trend. Last year/earlier this year I was long.

The point is they have not had any good news for months and confidence in the management is quite rightly low. C'est la vie.

As for 2p................never say never in the investment game. ;-))

For those who didnt read it over the weekend, or on friday night:

http://www.couchoil.com/daily.asp

Subject: Sugarloaf 1st Phase Good
Date: September 29, 2006
Sugarloaf Hosston 1st phase a success

We have dug the well to 14,480 and logged the upper sections.
Well was trying to flow back gas during the logging operations.

The Austin Chalk zone from 11,925 to 12,200 looks very oil productive.

The log results may set us up to drill over 100 wells in offsetting lease (26,000 acres) to just produce the oil from that zone. The porosity is just about double from what is normally found NE of our well location.

Some folks have successfully produced with as low as 3% porosity. We have 9 to 12% porosity.

The Edwards is from 12,275 to 14,000 looks tight or too dense to produce.
The Sligo formation begans about 14,500

The Hosston (Objective) begans at 17,000 Planned total depth is 21,000.
This morning they are running 9 5/8 casing to 14,480

:-) but don't ask me why

sp has got very excited today on no published news, no exceptional volume and buys not especially outweighing sales ...... make of that what you will

WE WILL

DONT NEED YOU TO TELL US WHAT TO DO.

Thanks

no need to shout either ..... i may be old, but don't yet need an ear trumpet