Eme has gone from app43 to app 70 in just over a week on 6%.Work it out fans.Dyor
Empyrean Energy PLC
06 April 2006
Empyrean Energy PLC
('Empyrean' or the 'Company'; Ticker: (EME))
Farm-in Agreement for Gas Exploration - Texas, USA
• Acquisition of 6% working interest in the Sugarloaf Hosston Prospect,
South Texas
• Multi trillion cubic feet gas target - 0.97-2.3 TCF
• Farm-in agreement with Texas Crude Energy, Inc (Operators)
• Drilling scheduled for Q3 2006
AIM quoted Empyrean today announces that it will participate in the Sugarloaf
Hosston Prospect, South Texas, USA ('the Project') following a farm-in agreement
with local Houston based operator/explorer Texas Crude Energy, Inc.
The Sugarloaf Hosston Prospect (Cretaceous) is a 20,000 acre 4-way closure with
multi trillion cubic feet ('TCF') gas potential in one of the most prolific
hydrocarbon provinces in the world. An independent expert has estimated that the
Sugarloaf Hosston Prospect could contain a P50 (probability 50%) reserve of 0.97
TCF gas, with the P10 assessment estimated at 2.3 TCF gas.
Texas Crude Energy will be the operator of the project and plan to have an
initial well drilled to a total depth of 21,000 feet commencing during Q3 2006.
The large anticlinal structure is well defined by some 24 lines of re-processed
2D seismic data. The target Hosston Sands are in the lower cretaceous and are
predicted to occur at 17,000 feet. Drilling is estimated to take 110 days to
this depth.
The terms of the agreement with Texas Crude Energy are for Empyrean to pay 7.5%
of the costs of the initial well (including lease costs and operating expenses)
until payout after which Empyrean's working interest reverts to 6.0% (4.26%
NRI). The initial well is expected to cost a total of US$6 million with lease
costs and completion costs a further US$4 million. Empyrean's share of this
expenditure is estimated at US$750,000.
Commenting today Tom Kelly, Executive Director states 'The participation in the
Sugarloaf Hosston Prospect allows Empyrean exposure to a potentially massive gas
resource. The profile of this prospect is in line with our strategy to develop
high value energy projects in politically stable countries with high levels of
infrastructure and healthy domestic energy markets. We look forward to seeing
results from the Project later this year once drilling commences in Q3 of 2006.
This is an exciting and busy time for our company with horizontal completion at
our Eagle Oil Pool Development Project in California underway and testing at the
Glantal Gas Project in Germany commencing soon and drilling at the Sugarloaf
Hosston Prospect enhancing the portfolio.'
The information contained in this announcement has been reviewed by the
Technical Director of Empyrean Energy Plc, Mr Frank Brophy BSc (Hons) who has
over 40 years experience as a petroleum geologist.
Laurence Read Toby Howell
Conduit PR plc HB Corporate
Tel: +44 (0) 207 429 6666 Tel: +44(0) 207 510 8600
Mob: +44 (0) 7979 955 923 Mob: +44 (0) 7775 895 579
Empyrean Energy
Tel : +44(0) 207 932 2442
- Forums
- ASX - By Stock
- DXI
- bit of background on eme
bit of background on eme
Featured News
Add DXI (ASX) to my watchlist
(20min delay)
|
|||||
Last
$3.04 |
Change
0.060(2.01%) |
Mkt cap ! $964.5M |
Open | High | Low | Value | Volume |
$2.98 | $3.05 | $2.98 | $705.0K | 232.6K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 984 | $3.02 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$3.05 | 984 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 984 | 3.020 |
1 | 984 | 3.010 |
1 | 3000 | 3.000 |
1 | 3000 | 2.990 |
5 | 20487 | 2.910 |
Price($) | Vol. | No. |
---|---|---|
3.050 | 984 | 1 |
3.060 | 984 | 1 |
3.080 | 25000 | 1 |
3.090 | 2584 | 1 |
3.100 | 40047 | 5 |
Last trade - 16.10pm 22/05/2024 (20 minute delay) ? |
|
|||||
Last
$3.04 |
  |
Change
0.060 ( 2.00 %) |
|||
Open | High | Low | Volume | ||
$2.99 | $3.05 | $2.99 | 43071 | ||
Last updated 15.59pm 22/05/2024 ? |
Featured News
DXI (ASX) Chart |
The Watchlist
RDN
RAIDEN RESOURCES LIMITED
Dusko Ljubojevic, MD
Dusko Ljubojevic
MD
SPONSORED BY The Market Online