Empyrean Regulatory News (EME)

2 Mar 2006 16:12

Empyrean Energy PLC02 March 2006 Empyrean Energy PLC ("Empyrean" or the "Company"; Ticker: (EME)) Placing of Shares AIM-quoted Empyrean Energy PLC today announces it has completed a placing for2,539,350 new ordinary shares at a price of £1.30 per share to raise £3,301,155of new capital for the Company. The net proceeds of the Placing of approximately £3,109,595 will provide theCompany with the funds to continue evaluating both the Eagle Oil PoolDevelopment Project in the USA and the Glantal gas project in Germany, and toevaluate and acquire new projects in the energy sector. Specifically, funds willbe used to carry out testing on the Glantal-1 well and for further explorationon the Glantal Gas Project. Subject to the results of the vertical testing ofthe Eagle North-1 well funds will also be used to drill a horizontal completionwell at the Eagle Oil Pool Development Project in California. Subject to asuccessful horizontal completion at Eagle North-1 funds may be used for aseismic program to assist with development of the project. Until testing is complete at the Glantal-1 well in Germany and both the verticaland potential horizontal completions have been tested at the Eagle North-1 wellin California, no conclusions can be drawn as to the commercial viability ofeither the Glantal-1 well or the Eagle North-1 well. Empyrean Energy Plcoperates in the high risk industry of hydrocarbon exploration. The new ordinary shares have been placed with a number of UK institutional andone EU institutional investor. Application will be made for the new ordinary shares to be admitted to tradingon AIM. For further information Laurence Read/ Angus Prentice Conduit PR Tel: +44 (0)20 7429 6603 Mob: +44 (0)7974 982 512 David NewtonHB CorporateTel: +44 (0)20 7510 8600 Chris LambertEmpyrean Energy plcTel: +44 (0)20 7932 2442 This information is provided by RNS The company news service from the London Stock Exchange