Empyrean Regulatory News (EME)

28 May 2008 07:10



Empyrean Energy PLC 

("Empyrean" or the "Company"; Ticker: (EME))

Sugarloaf Block A, Texas USA

Spectacular condensate and gas flows following a very limited fracture stimulation of the TCEI JV Block A-1 well. 

Well flowing at an average rate of over 950 barrels of condensate with an average rate of over 2.5 million cubic feet of gas being an equivalent of around 12 million cubic feet equivalent gas per day.

Rate is over 6 times the pre-stimulation rate.

Empyrean, the AIM listed energy company with exploration and production assets in Germany and USA today announces the following initial test results from its TCEI JV Block A-1well on Block A at the Sugarloaf Project in Texas:

Fracture stimulation operations at the TCEI JV Block A-1 well commenced over the weekend using a small acid frac in 5 sets of perforations over approximately 900 feet of the horizontal section of the well. As of the latest report the well was flowing on 14/64" choke at approximately 2.5 mmcfgpd (million cubic feet gas per day) with approximately 950 bcpd (barrels of condensate per day) and nil bwpd (barrels of water per day) with a FTP ("Flow Tubing Pressure") of around 4000 psi. 

On the present day prices for condensate and gas whilst converting the condensate to a gas equivalent, recent recorded equivalent gas flow rates approximate (using a 10:1 conversion) 12 mmcfepd (million cubic feet gas equivalent per day). The well flow rates had increased incrementally in the 24 hours to the last report as the well cleaned up and recovered frac fluids.

Commenting today, Empyrean Director - Tom Kelly said "These flow rates are spectacular from an acid frac of only 900 feet of horizontal with only 5 sets of perforations. To be getting such a great condensate flow is also very pleasing given where the oil price is right now. Our shareholders have been patient and it is pleasing to see this being rewarded as the completion methods learnt early on in the project are being successfully implemented by the operator."

Further announcements will be made as significant developments occur.

The information contained in this announcement was completed and reviewed by the Technical Director of Empyrean Energy Plc, Mr Frank Brophy BSc (Hons) who has over 40 years experience as a petroleum geologist.

For further information: 

Empyrean Energy plc 

Tel: +44(0) 207 182 1746 

Rod Venables / Cecil Jordaan 

HB Corporate 

Tel: +44(0) 207 510 8600 

Jonathan Charles / Ed Portman 

Conduit PR 

Tel: +44 (0) 207 429 6611 / +44 (0) 7791 892 509