Empyrean Regulatory News (EME)

15 Aug 2007 07:44

Empyrean Energy PLC15 August 2007 Empyrean Energy PLC ("Empyrean" or the "Company"; Ticker: (EME)) Sugarloaf Prospect, ("Sugarloaf") Texas USA ------------------------------------------- • Sugarloaf-1 testing expected to commence within 2 weeks• Proposed Sugarloaf-2 (Kennedy-1H) expected to spud mid September Empyrean provides the following update on the Sugarloaf Prospect asprovided by the operator. Sugarloaf-1 Well---------------- The Operator of the Sugarloaf Project (Texas Crude Energy, Inc "TCEI")advises that testing of the Cretaceous aged carbonate zone in theSugarloaf-1 well is now expected to commence by the last week of thismonth due to the availability of the frac and testing equipmentrequired to undertake this next well operation. Empyrean has a 6% working interest in the Sugarloaf-1 well. Proposed Sugarloaf-2 Well------------------------- The Operator has also confirmed that the rig to drill the next well"Kennedy-1H" (designated Sugarloaf-2 in our previous release) on theSugarloaf Joint Venture leases has now been secured and construction ofthe drill site has commenced. A contract has been signed for the samerig that successfully drilled Sugarloaf-1 and which has adequatecapacity to drill this next well. As previously announced, Kennedy-1H isdesigned to be drilled as a vertical well to a depth of approximately12,000 feet at which point the well will be kicked off to drill a 5,000feet horizontal section into the upper zone of the Cretaceous agedcarbonate reservoir. On a trouble free basis, Kennedy-1H is expected to take approximately 45days to be drilled and completed, to be followed by fraccing and testingoperations if successful. The well is expected to spud by mid September,subject to the timing of the rig's release from the well it is currentlydrilling. Empyrean has an 18% working interest in the Kennedy-1H well(Sugarloaf-2). 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:Charlie Geller/ Ed PortmanConduit PRTel: +44 (0) 207 429 6605/ +44 (0) 7979955923 Empyrean Energy plcTel: +44(0) 207 182 1746 Rod Venables/ Cecil JordaanHB CorporateTel: +44(0) 207 510 8600 This information is provided by RNS The company news service from the London Stock Exchange