18th Sep 2009 07:53
18th September 2009
Empyrean Energy PLC
('Empyrean' or the 'Company', (EME))
Eagle Oil Pool Development Project, California, USA
New Operator
Plans being finalised to commence 3D seismic over the project
New approach including additional shallow targets
Empyrean has 48.5% interest in the project
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."
Contact:
Tom Kelly Empyrean Energy Plc Tel: +618 93216988
Nominated Adviser and Broker:
Jerry Keen Astaire Securities Plc Tel: +44 (0) 20 7448 4400
Shane Gallwey Astaire Securities Plc Tel: +44 (0) 20 7448 4400
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