Empyrean Regulatory News (EME)

10 Oct 2007 07:35

Empyrean Energy PLC10 October 2007 Empyrean Energy PLC ("Empyrean" or the "Company"; Ticker: (EME)) Bondi Prospect : Texas USA -------------------------- • Empyrean replaces recently announced agreement with Texon PetroleumLimited with a new agreement to increase working interest from 15% to 20% AIM listed Empyrean is pleased to announce that the recently concludedparticipation agreement (as announced on 14 September 2007) with Texon E &P, Inc, the USA operating subsidiary of ASX listed Texon Petroleum Limited("Texon" - ASX code TXN), has been replaced by a new agreement whicheffectively increases Empyrean's right to earn a working interest in Texon'sBondi & Coogee Prospects, from 15% to 20%. Empyrean will now fund 26.6667%of the cost of drilling, testing and completion of the Bondi Prospect andwill have an option to drill the Coogee Prospect on the same increasedterms. Bondi is a 30-76 billion cubic feet equivalent ("Bcfe") gas target andCoogee is a 28-62 Bcfe gas target. Empyrean will also reimburse Texon a proportionately higher share of theprospect generation, land and lease costs (now 20% versus previous 15%). A further update will be made when the spud in date becomes known. Commenting today Empyrean Director Tom Kelly said: "Empyrean is very pleasedto have been able to increase its exposure to this exciting project. Thisagreement further cements our good working relationship with Texon andconfirms our commitment to drilling the Bondi and Coogee prospects." For further information: Jonathan Charles / Ed PortmanConduit PRTel: +44 (0) 207 429 6611 / +44 (0) 7791 892 509 Rod Venables / Cecil JordaanHB CorporateTel: +44(0) 207 510 8600 Empyrean Energy plcTel : +44(0) 207 182 1746 This information is provided by RNS The company news service from the London Stock Exchange