Empyrean Energy

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

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Do the numbers!!!!

Empyrean Energy PLC
11 July 2007


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

Sugarloaf Prospect, ('Sugarloaf') Texas USA
-------------------------------------------

Empyrean provides the following update on the Sugarloaf Prospect as provided by
the operator.

Sugarloaf-1 Well
----------------

The rig required to undertake remedial cementation and formation testing has
arrived on site. Remedial cementation operations will start immediately and are
expected to take up to three weeks to complete. This will be followed by
fracture stimulation and flow testing of each of the three zones of possible gas
pay, identified from wire-line logs and gas shows in carbonate rocks of
Cretaceous age.

For engineering reasons the deepest zone will be tested first. Should any of the
zones of interest produce hydrocarbons at commercial rates, it is likely they
would be placed on long term production testing to assess reservoir performance.


Sugarkane Gas Field
-------------------

The upper zone of possible gas pay in the Sugarloaf-1 well is believed to
correlate with the producing zone in a new field discovery well, located 6.6
kilometres west of the Sugarloaf-1 well on Block A. The new discovery is known
as the Sugarkane Gas Field. Empyrean has no interest in the discovery well, but
does have an interest in future wells to be drilled in the Sugarkane Gas Field
on Block A via a previously announced 16 well deal with Texas Crude Energy Inc
(operator of the Sugarloaf Joint Venture on Block B). Further details of
the discovery are not yet available but the well is vertical and is believed to
have been producing gas and condensate continuously for more than eight months.

Although the upper zone of possible pay in the Sugarloaf-1 well has not yet been
flow tested, on wire-line log, gas log and regional seismic interpretation
grounds, the upper zone in Sugarloaf-1 appears to be within the Sugarkane Gas
Field.

Study of regional seismic and well information by Texas Crude Energy Inc,
suggests the Sugarkane Gas Field is extensive.


TCEI JV Block A -1 well
-----------------------

The recently spudded TCEI JV Block A-1 well is targeting the same producing zone
as the newly discovered Sugarkane Gas Field. The latest information from Texas
Crude Energy Inc was that the well was drilling ahead.


Proposed Sugarloaf-2 Well
-------------------------

As leasing of acreage is now essentially complete, the Sugarloaf Project
operator has proposed the drilling of a second well, located about 1.6
kilometres from the Sugarloaf-1 well.

The well is an exploration well and is proposed to be drilled vertically to just
above the target and then horizontally for 5,000 feet (1,524 metres) in the
target upper zone of possible gas pay defined in Sugarloaf-1. As already
mentioned, this is the zone which is believed to correlate with the producing
zone in the Sugarkane Gas Field discovery well.

Horizontal drilling has been selected, as successful wells commonly produce at
rates several times that of a vertical well at the same point in the reservoir.

A suitable rig has been identified and subject to Joint Venture approval and
execution of relevant documentation, is expected on location about the end of
August. The Operator estimates Empyrean's share of dry hole costs to be
approximately US$940,000 (total well dry hole cost US$3.6 million) and
completion costs to be approximately US$430,000 (total well completions costs
US$1.65 million).

Empyrean has an 18% working interest in the Sugarloaf-2 well.

The information contained in this announcement was completed and reviewed by the
Technical Director of Empyrean Energy Plc, Mr Frank Brophy BSc (Hons) who has
over 40 years experience as a petroleum geologist.


For further information:

Charlie Geller/ Ed Portman
Conduit PR
Tel: +44 (0) 207 429 6605/ +44 (0) 7979955923

Empyrean Energy plc
Tel: +44(0) 207 182 1746

Rod Venables/ Cecil Jordaan
HB Corporate
Tel: +44(0) 207 510 8600

AL .... fine to say "Do the numbers", but being a moron, I am not capable! ..... in your valued opinion, does EME now look an any better prospect than it did say 4 months ago?

EME is building a head of steam, today news of gas flows,more to come later this week along with 3rd well drilled to total depth and testing next week(all from Margaritta). And then results of kunde 3 and testing of S/L 1,things looking
positive as shown in the latest SP.
cyril

Iam in the money hehe.

eme is definately getting better and hopefully will progress quite fast from now on. I will still hang onto my shares, I have 20,000 shares at the moment. good luck to all holding.

20mmscfd is a bit more like it. 1mmscfd is max into pipeline?

A wee bit of cashflow for a year or two max. Better than nothing at all.

Nice break out of the flag. ;-)

Where you been hiding tcdmct? LOL!

cynic - numbers thing. Was inferring that this was a short term thing and there'll be nothing left in a year or so.

i.e. a share to trade and definitely not fall in love with. ;-)))

Hi Al.

Come on boys keep rowing!!! where is everybody???

Just away getting the outboard motor. :)

A wee short at 64

wondered when you would turn up? :-)))

done a runner for no reason i can see

Am waiting for Cynic to turn up yet.... lol

I caused all this, i bailed out at 42p last week... no need to thank me...

Hmm... tad more than 64 to buy them back now Al..
Interestingly I got tipped these at the weekend, but after a bit of reading, and a bit of oilfield knowledge, decided that their two big prospects looked a tad ropey,
so decided definitely not for me.
Judging by today's share price performance a little knowledge is a dangerous thing!!

Indeed John. Of course, "ropey" does not mean it won't go up. ;-))

Added a couple more. Am expecting resistance around 68-70p max

I'd purchased a stack of these when they were above 100p, and just watched(cried) as they fell all the way back, decided to average down instead, good job! hope it continues

Al...or continue to go up and then defy gravity??!??!

PS. Punctuation says a thousand words