announcement in print, page-9

Trying to stay positive...they are only a very small team musky

If they are gearing up for another roadshow I guess a glossy might help a tad.

I'm now putting on my TRF/IFE/ROL hat on (what a classic story) and looking at the LT benefits to the SP of their other interests...

1. Close to 10% of GER
2. 15% of this JV sleeper ( Eagle Oil Development project) to be run by EMPYREAN which has 48.5% INTEREST IN THE PROJECT - Ann down below....
3.Will EMPYREAN Energy PLC be a possible JV partner down under ???
4.Or will it be a JV with Beach Pet who are one of our next door neighbours with 50% in PEP 168

..........................................................
Empyrean Energy Plc is pleased to announce that it has been advised by R&M Oil and Gas Ltd ("R&M") that they have acquired Victoria Petroleum USA Inc. Victoria Petroleum USA Inc was a wholly owned subsidiary of ASX listed Vicpet Ltd and were the operators of the Eagle Oil Pool Development Project in the San Joaquin Basin, California, where Empyrean has a 48.5 working interest in the project. R&M are the new operators.

R&M has been involved in the oil and gas business for over 20 years and the principals of R&M have over 50 years combined experience. The controlling principal of R&M has been involved in exploration and production in California since 1984.

R&M is currently finalising discussions with the JV partners in regards to the acquisition of approximately 20 square miles of 3D seismic over the project area. The seismic acquisition will evaluate at least two other shallower zones of interest in addition to the Gatchell Sands that are known to contain oil.

Further announcements will be made as significant developments occur.

Commenting today, Empyrean Director Tom Kelly said "This is exciting news for Empyrean. The Eagle project has been in limbo for such a long time now. We are pleased that the team at R&M have acquired an interest in the project and we now have plans to move forward once more."