Empyrean Share News (EME)

LONDON (Dow Jones)--Empyrean Energy PLC (EME.LN) said Thursday that at its Sugarloaf Project in Texas, the Kowalik-1R well was spudded on July 9 and the well is presently at a depth of 5,996 ft having run and set surface casing. MAIN FACTS: -The Kowalik-1R well is the first Sugarloaf well where Empyrean will contribute to costs and derive revenue on a post farmout basis. -Because of Empyrean's increased working interest in the original Kowalik well the company will hold a 10.2% working interest in the Kowalik-1R well and as such will pay 10.2% of the costs of the well and derive 10.2% of the net proceeds from any hydrocarbon sales.- Shares closed Wednesday at 5.8 pence. By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; iain.packham@dowjones.com (END) Dow Jones Newswires July 15, 2010 02:55 ET (06:55 GMT)