Empyrean Share News (EME)

Shares in Oilex almost tripled on Monday after the oil and gas explorer announced a "significant" upgrade to its gas for the Cambay field in Gujarat, India.Following a nine-month drill programme of studies, it now believes the field holds 248bn cubic feet (BCF) of gas and 11m barrels (MMbbls) of condensate with a 90% probability of being produced.The company, which has a 45% stake in the project, watched its shares trade at 21.5p each after closing at just 8p on Friday. "The studies indicate a very good correlation between the Cambay Eocene reservoirs and the Eagle Ford and Haynesville reservoirs, two of the most prolific "tight/shale gas" plays in North America," the company said.Iron ore explorer Bellzone Mining has increase and upgraded the magnetite JORC resource on eth central zone of the Kalia I deposit in Guinea, West Africa, to 2.4bn tonnes to 3.74bn tonnes."These results from the magnetite extension and upgrade clearly demonstrates this resource on Kalia I has more than sufficient iron ore to support the Company's current development plans for the next 60 years and clearly indicates the considerable potential for increasing production and mine life from other sections of the strike," said managing director Nik Zuks.Recruitment software provider Bond International is sharply lower after warning that revenues for the first six months of the year fell 11% on 2009 as it sold less software than expected. Bosses are cutting costs and are "very optimistic" about the prospects for signing new business between now and the end of the year. If things continued as they were, the group would fall short of expectations, they said.The firm believes results for the six months to 30 June, due on or before 24 September, will reveal turnover of not less than £15.1m and a loss before tax of £0.68m. Empyrean Energy has inched higher on news that the construction of the pipeline to connect the BP America A-740 well at the Hercules prospect, onshore Texas, to the nearby sales pipeline has been completed.The well, in which Empyrean has a 10% working interest, was turned on to sales at the weekend and achieved achieve a gas rate of 210,000 cubic feet of gas per day. It will be walked up to a stable production rate."Empyrean expects that as revenue kicks in from its interest in the Sugarloaf Project and the Hercules Project over the coming months the outlook for the company will dramatically improve," said executive director Tom Kelly.Environmental plastics and waste-to-value group Symphony Environmental Technologies is down despite interim results that showed revenue rose 6% to £3.9m and pre-tax profit edged ahead to £0.42m.