Project Margarita Update

5 Jun 2007 07:19

Empyrean Energy PLC05 June 2007 Empyrean Energy PLC ("Empyrean" or the " Company"; Ticker: (EME)) Project Margarita, Gulf Coast Texas USA Phase 2 shallow drilling programme delayed temporarily by unseasonal rains -------------------------------------------------------------------------- AIM quoted Empyrean Energy PLC today announces the following update regardingphase 2 of the shallow drilling programme at Margarita: The drilling programme, which was expected to have commenced on 20 May on theAgavero Prospect, has been delayed by record unseasonal rains and associatedflooding which isolated the drilling rig on a nearby location. The rig has nowbeen able to move to the Donna Carlota Prospect location to commence operations,rather than the Agavero Prospect, because floods have now made the Agaverolocation temporarily inaccessible. The Donna Carlota Prospect is one of the three prospects that are analogues ofhistoric prolific Frio and Vicksburg sands production in the project area at less than 2,000 meters depth. The prospects with mean potential target outcomes and final well depths are summarised below. As with the successful initial three wells program, any commercial discovery made on the prospects will be rapid as the project area is crossed by a number of gas pipelines with access rights andavailable capacity to tie into. Prospect Potential Mean Reserves Total Well DepthAgavero 0.7 BCF 1,341 metresDona Carlota 0.8 BCF 1,524 metresClimaco 1.6 BCF 1,981 metres Participants in the Margarita Project are:Empyrean Energy PLC * 44.00%Sun Resources NL# 20.00%Victoria Energy NL# 20.00%Wandoo Energy LLC + 16.00%Total: 100.00% # ASX listed*AIM listed+USA Private Interest The information contained in this announcement was completed and reviewed by theTechnical Director of Empyrean Energy Plc, Mr Frank Brophy BSc(Hons) who hasover 40 years experience as a petroleum geologist. For further information:Charlie Geller/ Ed PortmanConduit PRTel: +44 (0) 207 429 6604/ +44 (0) 7970 067 320 Empyrean Energy plcTel : +44(0) 207 182 1746 Rod Venables/ Cecil JordaanHB CorporateTel: +44(0) 207 510 8600 This information is provided by RNS The company news service from the London Stock Exchange