Empyrean Energy Provides 60 Day Production Status At Sugarloaf Project

LONDON (Dow Jones)--Empyrean Energy PLC (EME.LN) said Friday during the 60 day production period Morgan No. H1 well of the Sugarloaf Project was fractured at horizontal length of 4400 feet producing 201 million standard cubic feet, or mmscf, of gas and 65,200 barrels, or bbls, of total condensate production. MAIN FACTS: -Average daily equivalent gas rate at Morgan No. H1 was 17.2 million standard cubic feet per day, or mmscfe/d. -The Easley No. H1 well of the Sugarloaf Project was fractured at horizontal length of 2750 feet producing 221 million standard cubic feet, or mmscf, of gas and 19,600 barrels, or bbls, of total condensate production; Average daily equivalent gas rate at Easley No. H1 was 8.5 million standard cubic feet per day, or mmscfe/d. -Both the wells are located within the sugarkane gas and condensate field in Texas. -Shares at 07:08 GMT up 0.13 pence or 2.13%, at 6 pence, valuing the company at GBP10.9 million. -By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, tapan.panchal@dowjones.com (END) Dow Jones Newswires July 02, 2010 03:10 ET (07:10 GMT)