Empyrean Regulatory News (EME)

31 Jan 2006 08:25

Empyrean Energy PLC31 January 2006 Empyrean Energy Plc (Tic:"EME")("Empyrean" or "the Company") Drilling completed at Glantal-1 gas exploration well, Germany •Total depth of 1687 meters reached. €20 zones of interest identified for further analysis and potential testing. •Detailed analysis of all data collected to date commenced. AIM quoted Empyrean Energy PLC today announces that the Glantal-1 well inSouthwest Germany has reached total depth at 1687 meters and the well is to becased to total depth as the Company initiates detailed analysis of open holelogs prior to the testing of several zones of interest.Pannonian International Ltd ("Pannonian"), a wholly owned subsidiary ofU.S.-based Galaxy Energy Corporation (OTC BB: GAXI) and Operator of the projecthas advised Empyrean that they are proceeding with running and cementing a 5"liner across the open hole section of the Glantal-1 well. Following completionof these operations, the drilling rig and all related equipment will be releasedand demobilised. Well operations will be temporarily suspended, during whichtime further detailed open hole log analysis, including FMI processing, will becompleted to form the basis for a comprehensive testing procedure and prognosis. Following an initial review of open hole logs covering the interval below 7"intermediate casing, but not including the FMI analysis (which is underway),Pannonian have identified 20 zones of interest for further analysis andpotential testing. Pannonian have also identified additional zones of interestuphole behind the 7" casing, which ceases at approximately 1022 meters. Prior to the completion of testing operations, no conclusions can be drawnregarding the commercial viability of the Glantal-1 well. Chris Lambert, Executive Director, comments: "The operator has reported thatthere are a number of zones of interest from initial review of the drilling andlog data.. We are now undertaking further analysis of the data in order toidentify priority zones to test." Laurence Read Conduit PR plcTel: +44 (0) 207 429 6666 Mob: +44 (0) 7979 955 923 David NewtonHB CorporateTel: +44(0) 207 510 8600 Chris LambertEmpyrean EnergyTel: +44(0) 207 932 2442 This information is provided by RNS The company news service from the London Stock Exchange