Empyrean Regulatory News (EME)

8 Nov 2007 07:46

Empyrean Energy PLC08 November 2007 8 November 2007 Empyrean Energy PLC ("Empyrean" or the "Company"; Ticker: (EME)) Bondi Prospect : Texas USA • Raun # 1 well spuds at the Bondi Prospect in Texas,USA AIM listed Empyrean, the oil and gas explorer and producer with assets inGermany and the USA, is pleased to announce that the Raun # 1 well hascommenced drilling. Raun # 1 is the first well to be drilled at the BondiProspect under a participation agreement with Texon E & P, Inc, the USAoperating subsidiary of ASX listed Texon Petroleum Limited ("Texon" - ASXcode TXN). The Raun # 1 well is planned to be drilled to 13,500 feet (4,115 m). Theprospect is 3D defined, along trend from existing fields and close topipelines. In the event of a discovery, successful wells should be promptlybrought into production. Bondi lies 3.7 kms from the Cottonmouth field where initial production ratesfrom the reservoir (eqivalent to Texon E & P, Inc's target for the Bondi Project) exceeded 10 million cubic feet of gas per day (mmcfgpd) per well, together with over 190 barrels of condensate per day. Bondi is a 30-76 billion cubic feet equivalent ("Bcfe") gas target. Empyreanwill have a 20% working interest in the Raun # 1 well. Further updates will be provided as significant information comes to hand.The information contained in this announcement was completed and reviewed bythe Technical Director of Empyrean Energy Plc, Mr Frank Brophy BSc (Hons)who has over 40 years experience as a petroleum geologist. 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) 207 182 174 This information is provided by RNS The company news service from the London Stock Exchange