Empyrean Energy

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

ASX RELEASE
09 November 2006
Eureka Energy Limited (ASX:EKA, Eureka or Company)
SUGARLOAF-1 GAS INDICATIONS
Eureka Energy Limited advises that at 6am Texas time on 8 November, the Sugarloaf-1 exploration well was drilling ahead at 18,361 feet (5,597 metres).
Two gas shows over an aggregate of 79 feet (24 metres) were obtained while drilling sediments, probably of Cretaceous age, between 18,192 feet and 18,315 feet. Total gas readings peaked at 295 units from a background of about 30 units, and chromatography indicates the gas consists dominantly of methane (C1), with ethane (C2), propane (C3) and trace butane (C4).
The economic significance of these gas indications will not be known until wire-line logs, programmed to be run after the well has reached total depth, have been interpreted and flow testing, if warranted, has been evaluated.
Drilling is continuing towards proposed total depth of 21,000 feet (6,400 metres).
Participants in the Sugarloaf-1 well are:
Eureka Energy Ltd 1
12.5%
Texas Crude Energy Inc (Operator) et al 2
41.5%
Aurora Oil & Gas Limited
20.0%
Adelphi Energy Ltd
20.0%
Empyrean Energy plc
6.0%

all looks very neutral at best to me, though i note sp has had a sudden rush of blood to the head

Cynic do you hold any shares in EME.

AS if you dont please keep your thoughts to yourself.

AS i would rather follow the guy who today put his money were his mouth is and bought 125000 at 59p at a cost of 73,750.

Hope he get a good return.

haven't held any for months .... sold out when they were already on their way down at 90 ..... and when i need your advice, i'll let you know

when we need your advise we will ask fot it as well ok.

Cynical view--' all looks very neutral to me'-- SP now up 25% !!!!
Won't say it

Decent amount of drilled gas reported today. Price reaction a little OTT, but ain't it the way ofthings.

Positive, but no company maker yet IMO

still hold that view ..... would you buy at this price? ..... me? ... no ...... would i ever buy eme again? ..... possibly, but not until there is something better to see ..... if the early rise is missed, so what?

This all seems to be getting a bit moody!!!
A case of the 'haves' & the 'have nots'.
The 'haves' wish that they didn't still have (like myself, should have sold ages ago) and the 'have nots' are telling us 'I told you so'.
Keep 'em coming, cynic, even though you have ruffled a few feathers!

thanks Harry ..... you know i will anyway .... lol!

a pretty little chart for the chartists among us



Green line = 200 dma
Red line = 50 dma

Note a bit of resistance in September as sp hit that 50 dma ..... solid spurt through, followed by collapse below ..... subsequent support of kinds then followed at +/-45p, and today sees a good bounce off that level.

If the lemmings get excited, then i dare say there is potential to hit 200 dma at about 77.5p, but whether this could be sustained or even warranted, is very much a view

More Gas shows announced !!!!

Big Al: where did you hear it was bad news to trip for BHA change?
I think you have been misinformed, but then again you know that changing BHA at these depths is not unusual!

Partners in sugarloaf well are all up in OZ.
Adi : up 27%
EKA: up 25%
AUT :up 11%

Todays RNS,

Empyrean Energy PLC

('Empyrean' or the 'Company'; Ticker: (EME))


Sugarloaf Hosston Prospect, Texas USA
-------------------------------------


FURTHER GAS INDICATIONS IN THE PRIMARY TARGET


AIM quoted Empyrean Energy PLC today announces that at 6am Texas time on
9 November 2006, the Sugarloaf-1 exploration well was drilling ahead at
18,476 feet (5,633 metres).


Continuing gas indications over an aggregate of 70 feet (21 metres) were
obtained while drilling between 18,320 feet and 18,445 feet. Total gas
readings peaked at 326 units from a background of about 40 units and
chromatography indicates the gas consists dominantly of methane (C1), with
ethane (C2) and propane (C3).


The economic significance of these gas indications will not be known until
wire-line logs, programmed to be run after the well has reached total depth,
have been interpreted and flow testing, if warranted, has been evaluated.


Drilling is continuing towards proposed total depth of 21,000 feet (6,400
metres).

I hope this works for holders.

I have seen all this before with another Company that kept putting out gas shows while drilling, some of you may recall?

Pan Andean Resources drilling the Danbury Dome.

Good luck, I hope it works out.

perhaps this old fart's predictions of gloom will prove to be wrong, though as Al says, nothing is yet proven ....... i also note that shares mag has given out an effective buy note, though that is not necessarily anything to go by either (sorry guys; just a tease!) ........ so perhaps watching sp's performance as it nears/reaches 200 dma (see chart above) could be interesting

Don't get me wrong,if you look at past history you will know that EME promises more than actual delivered.Share price went up to 1.70 before false hopes later crashed back to 30p level when the truth was out. Therefore please invest wisely because each and every RNS they are telling us that they cannot confirm whether this findings would be commercialised or not---very cautious so be aware--

That's what Pan Andean did.

I was suckered but I dont feel so bad about it because so was Evil Knievel as I recall.

Sorry some missed ''the early rise'' - only + 50% up in two days- ''so what''
SO A LOT! More next week Mr C ?