Empyrean Regulatory News (EME)

17 Apr 2008 07:10

Empyrean Energy PLC17 April 2008 Empyrean Energy PLC ("Empyrean" or the "Company"; Ticker: (EME)) Sugarloaf Block A, Texas USA ------------------------------ - Flow testing of the TCEI JV Block A-3 well continues successfully.- Flow rates have increased by approximately 20% since testing began to the most recent rate of 7.8 million cubic feet of gas equivalent per day. Empyrean, the AIM listed energy company with exploration and productionassets in Germany and USA today announces the following initial testresults from its TCEI JV Block A-3 well on Block A at the SugarloafProject in Texas: Initial flow testing of the TCEI JV Block A-3 continues and since thelast report the operator has successfully collected pressure and otherdata measurements from the well. The well was then opened back to flowand the operator has increased the choke size incrementally to 14/64".As of the latest report the well was flowing at approximately 2.2mmcfgpd (million cubic feet gas per day) with over 560 bcpd (barrels ofcondensate per day) and nil bwpd (barrels of water per day) with a FTP(Flow Tubing Pressure) of around 2500 psi (it is normal for FTP to dropas the choke size increases). On the present day prices for condensate and gas whilst converting thecondensate to a gas equivalent, the most recent recorded equivalent gasflow rate exceeds (using a 10:1 conversion) 7.8 mmcfepd (million cubicfeet gas equivalent per day). Commenting today, Empyrean Executive Director Tom Kelly said "So farthis well is exceeding our expectations from an open hole test withoutstimulation. Importantly the pressures are excellent for the rates offlow recorded. Condensate is making up over 70% of the flow in terms ofvalue, and with the oil price reaching record highs this condensate togas ratio is healthy for the economics of the project." The information contained in this announcement was completed andreviewed by the Technical Director of Empyrean Energy Plc, Mr FrankBrophy BSc (Hons) who has over 40 years experience as a petroleumgeologist. For further information: Empyrean Energy plcTel : +44(0) 207 182 1746 Rod Venables / Cecil JordaanHB CorporateTel: +44(0) 207 510 8600 Jonathan Charles / Ed PortmanConduit PRTel: +44 (0) 207 429 6611 / +44 (0) 7791 892 509 This information is provided by RNS The company news service from the London Stock Exchange