Empyrean Regulatory News (EME)

21 Nov 2005 11:36

Empyrean Energy PLC21 November 2005 Empyrean Energy PLC ("Empyrean" or the "Company"; Ticker: (EME)) Drilling update Glantal Gas Project Germany Mobilisation of the drilling rig and associated equipment to the Glantal-1 wellsite has commenced and "rig up" activities in preparation for the spud in of theGlantal-1 well will continue over the next several days. The drilling contractor has completed the conductor hole and installed andcemented 13" casing at 20 metres. The drilling contractor will now prepare forthe "spud in" of the 121/4" hole below the conductor pipe. The Glantal-1 well is targeting reservoirs, estimated by the independent expertto have the potential to contain recoverable reserves of between 1.2 and 6.2trillion cubic feet of natural gas. The Glantal-1 well is designed to test theseal quality of overlying sediments and determine whether natural gas has beeneffectively trapped in economic quantities. Eagle Oil Pool Development Project, San Joaquin Basin, California, USA Victoria Petroleum NL ("Vicpet"; ASX Ticker : (VPE)), the operator of the EagleOil Pool Development Project has advised that the rig contracted to drill theEagle North-1 well is expected to arrive on location in late December 2005 foranticipated drilling to commence late December 2005 or early January 2006. Empyrean's independent consultant has estimated a P10 potential of up to 22.7million barrels of recoverable oil and 22.7 billion cubic feet of associatedgas, as compared to Vicpet (and other participants in the Eagle Oil PoolDevelopment Project) who have estimated the P10 potential reserve estimate forthe Eagle Oil Pool Development Project at up to a recoverable 34 million barrelsof oil and 58 billion cubic feet of gas. It must be noted that both of the above reserve estimates are interpretations ofdata and there are subjective assumptions made in the calculations. Empyrean'sconsultant has been more conservative. Successful drilling and testing willprovide the participants with more accurate potential reserve figures. It is anticipated that due to the requirements of the ASX Vicpet, as theoperator, and the other participants will be announcing daily drilling reports.As Empyrean is governed by the AIM Rules and not the ASX, it is not Empyrean'sintention to make daily announcements during the drilling campaign but rather toannounce all matters of a material nature, as stipulated by the AIM Rules. Empyrean will make further announcements when the definitive dates forcommencement of drilling are known for both Glantal-1 and the Eagle Oil PoolDevelopment Project. Chris LambertEmpyrean Energy plcTel: +44 (0) 207 932 2442 Laurence Read/Amanda HarrisConduit PR Tel : +44(0) 207 618 8760Mob: +44 (0) 7979 955 923 David NewtonHB CorporateTel: +44 (0) 207 510 8600 This information is provided by RNS The company news service from the London Stock Exchange