Conversion of Loan

17 February 2012

Empyrean Energy PLC

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

Conversion of Loan

Further to the announcement of 1 December 2011 the Company announces that following receipt of conversion notices in relation £30,750 of the convertible loan currently drawn down (plus interest component), it has today issued 570,377 new Ordinary Shares at price of 6p. Application has been made for the new Ordinary Shares to be admitted to AIM on 23 February 2012. The balance of the loan, amounting to £423,250 remains drawn down.

Following the issue of the shares, Empyrean's total issued and voting share capital will comprise of 205,760,678 ordinary shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company.

Contact:

Empyrean Energy Plc

Tom Kelly Tel: +618 9388 8041

Shore Capital & Corporate Limited

Anita Ghanekar Tel: +44 (0) 20 7408 4090

Edward Mansfield