Empyrean Regulatory News (EME)

6 Mar 2007 09:15

Empyrean Energy PLC06 March 2007 06 March 2007 Empyrean Energy PLC ("Empyrean" or the "Company"; Ticker: (EME)) Project Margarita, Gulf Coast Texas USA • El Viejito # 1 well flows gas from test • Dos Dedos # 1 well reaches total depth with logs indicating potential gas pay • Milagro # 1 well testing anticipated to commence in two days AIM quoted Empyrean Energy PLC today announces the following update with regards the shallow drilling program at Margarita: 1. El Viejito #1 Well The flow test on the El Viejito #1 has been successful, with the well currentlyon a 24 hour test flow period (due to finish at approx. 5:00 PM WST March 6,2007). The well has flowed at a rate up to 210 mscfd and is currently flowing ata stabilized rate of 175 mscfd, both flows were constrained at surface by thechoke size while engineering data is obtained. Well flowing and bottom holepressures are good and it is expected that the flow rate when in production canbe increased from the current level. Gas contracts and regulatory approvals for a gas sales line are currently beingsought for the well. 2. Dos Dedos # 1 Well The Dos Dedos well reached total depth on February 3, 2007 at approximately 9:30PM WST. Wireline logging operations have been conducted and the interpretationof this data indicates a total gas pay of 3.5 meters over 3 zones. This iswithin the range of expected pay predictions pre drill. The well has beencompleted with production casing in preparation for a flow test. Dos Dedos is the third well in the Margarita Project shallow drilling program,all of which have encountered oil and or gas and all have been completed forflow testing. Drilling operations will take a break while the rig is contractedto another operator, a further release will be made when drilling operations onthe remaining 3 wells in the shallow program recommence. 3. Milagro #1 well Well flow testing is now anticipated to commence during the evening of Wednesday(WST) March 7, 2007. Participants in the shallow program wells are:Empyrean Energy PLC* 44.00%Sun Resources NL# 20.00%Victoria Petroleum NL# 20.00%Wandoo Energy LLC + 16.00% ------ 100.00%# ASX listed* AIM listed+ USA Private Interest The information contained in this announcement was completed and reviewed by theTechnical Director of Empyrean Energy Plc, Mr Frank Brophy BSc (Hons) who hasover 40 years experience as a petroleum geologist. For further information Laurence Read/ Ed Portman Conduit PRTel: +44 (0)207 429 6605/ +44 (0)7979 955 923 Rod VenablesHB-Corporate Tel: +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