30th Sep 2005 09:44
Empyrean Energy PLC30 September 2005 Empyrean Energy PLC ("Empyrean" or "the Company"; Ticker: (EME) 30 September 2005 Update- Glantal Natural Gas Project, Germany Drill site preparation and access road complete Gas exploration drillingexpected to commence Q4 2005 Empyrean Energy PLC, the AIM quoted energy developer operating in low riskregions, today announces that drilling preparations, commenced in late August,at the Glantal prospect in Germany are now complete. The Glantal-1 well to bedrilled on the Neues Bergland permit is operated by one of Empyrean's partnersPannonian International Ltd ("Pannonian"), a wholly owned subsidiary ofU.S.-based Galaxy Energy Corporation (OTC BB: GAXI). Pannonian has confirmedthat the key preparatory work, including the access road and drill siteconstruction, is now complete and that drilling operations will commence shortlyafter the rig arrives on site. The drilling rig contracted to drill Glantal-1 is presently in the final stagesof a pre-existing contract and is on target to reach the Glantal-1 site duringOctober 2005. Drilling is expected to commence approximately 10 days after therigs arrival at site. Results from the first drilling campaign at the Glantal prospect are still onschedule for Q4 2005 as previously stated. Empyrean has been quoted on AIM since July of this year and is focused on energyresource exploration and development in geopolitically stable environments. TheCompany has acquired the rights to earn up to a 52% working interest in theNeues Bergland permit, a substantial fractured reservoir natural gas explorationproject in Germany. The Neues Bergland permit is located close to Frankfurt in Germany and containsthe Pfalzer Anticline which is a 515 square kilometre structure containing deepanthracitic coal beds. The coal beds, too deep to mine economically, have beenestimated by an independent expert to have generated several hundred trillioncubic feet ("Tcf") of gas, with a recoverable gas potential of up to 6.2 Tcf inthe first drilling prospect alone. Empyrean will test a minimum of three large potential pay-zones at differentdepths over the first drilling prospect with drilling of the Glantal-1 well.Independent geological analysis has calculated the smallest of these zones hasthe potential to hold a recoverable 1.2 Tcf of gas. The first drilling programmewill test the seal integrity, an important factor at Glantal-1. After drilling the Glantal-1 well the Company will have approximately £1.7million available to commence development of a discovery, continue explorationand assess other opportunities. Commenting today Chris Lambert, Executive Director, said: "The Company ispleased that all is in readiness for the first drilling campaign at the Glantalprospect, with results due before the end of the year, as we have always aimedfor. With strong gas prices in Germany and demand increasing due to existinggovernment policies requiring the reduction of nuclear and coal poweredelectricity generation the Company is excited by the prospect of a commercialdiscovery in an energy hungry market..." Laurence Read/Amanda Harris David Newton Chris LambertConduit PR HB-Corporate Empyrean Energy plcTel: +44 (0) 207 618 8760 Tel: +44(0) 207 510 8600 Tel : +44(0) 207 932 2442Mob: +44 (0) 7979 955 923 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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