Interim Results

Empyrean Energy PLC
26 October 2005


EMPYREAN ENERGY PLC

CHAIRMAN'S STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2005

Empyrean Energy plc ('Empyrean' or the 'Company') has completed its first half
year of operations since incorporation in March 2005 and listing on AIM in July
2005, and has taken the initial steps towards its declared objective of
developing energy resources in regions of low political risk.

Glantal Prospect - Germany
The first project to be developed by Empyrean is the Glantal-1 well to be
drilled on the Neues Bergland permit near Frankfurt in Germany. It will be
operated by one of Empyrean's partners, Pannonian International Ltd (a wholly
owned subsidiary of USA listed Galaxy International), who have already completed
key preparatory work at the site, putting the essential infrastructure is in
place. As a result I am happy to report that the first drilling campaign at the
Glantal prospect is on schedule to produce results in Q4 2005. With strong gas
prices in Germany and demand increasing due to government policies, the Company
is well positioned if the prospective commercial discovery is realized.

Eagle Oil Pool Development Project - USA
To develop further its strategy of investing in geopolitically low risk regions,
the Company has secured a farm-in agreement with Australian Stock Exchange
quoted Victoria Petroleum NL to earn a 38.5% working interest in the Eagle Oil
Pool Development Project in the San Joaquin Basin, California. The San Joaquin
Basin is a proven oil and gas field that has already produced in excess of 12
billion barrels of oil and 11 trillion cubic feet of gas. An independent expert
has estimated that the Eagle Oil Pool Development Project could contain a
reserve, with 50% probability, of 7.1 million barrels of recoverable oil and
12.3 billion cubic feet of associated gas. The initial phase, scheduled for
November 2005, will take approximately 14 days to complete.

Results
During the period to 30 September 2005, the Company made a loss before and after
tax of £232,938. Exploration costs of £661,794 for the period have been
capitalised, which relate to both the acquisition and initial expenditure on the
current drill programme at Glantal.

Outlook
Empyrean has sufficient cash reserves subsequent to its listing on AIM to
undertake both the Glantal and Eagle Oil Pool Development Project exploration
programs to a point of discovery/confirmation of economically viable reserves.
Success on either project will necessitate further development funding.

The Board is continuing to seek additional opportunities which match its chosen
strategy, and I am looking forward to an exciting second half of our first year.


Patrick Cross
Chairman
25 October 2005


EMPYREAN ENERGY PLC
UNAUDITED INCOME STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2005

                                                 Notes        From Incorporation
                                                                10 March 2005 to
                                                               30 September 2005
                                                                        £

Administrative expenses                                                (251,452)
Operating loss                                                         (251,452)

Interest receivable                                                       18,514

Loss on ordinary activities before taxation                            (232,938)

Taxation                                                                   -
Loss on ordinary activities after taxation                             (232,938)

Basic earnings per share (pence)                   2                    (0.98) p

Diluted earnings per share (pence)                 2                    (0.95) p


EMPYREAN ENERGY PLC
UNAUDITED BALANCE SHEET
FOR THE PERIOD ENDED 30 SEPTEMBER 2005

                                                Notes         From Incorporation
                                                                10 March 2005 to
                                                               30 September 2005
                                                                        £

FIXED ASSETS
Intangible assets                                                        661,794
Tangible assets                                                            8,972
                                                                         670,766
CURRENT ASSETS
Stocks                                                                     -
Debtors                                                                   58,153
Cash at bank and in hand                                               2,963,841
                                                                       3,021,994
CREDITORS
Amounts falling due within one year                                     (32,569)

NET CURRENT ASSETS                                                     3,660,191

NET ASSETS                                                             3,660,191

CAPITAL AND RESERVES    
Called up share capital                                                   61,289
Share premium account                                                  3,828,551
Equity reserve                                                             3,289
Profit and loss account                                                (232,938)

EQUITY SHAREHOLDERS' FUNDS                                             3,660,191


EMPYREAN ENERGY PLC
UNAUDITED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2005

                                                Notes         From Incorporation
                                                                10 March 2005 to
                                                               30 September 2005
                                                                               £
                                                                                
Net cash outflow from operating activities                             (241,237)

Interest received                                                         18,514
Net cash inflow from returns on investments                               18,514

Payments to acquire intangible assets                                  (696,093)
Payments to acquire tangible assets                                     (10,471)
Net cash outflow from capital expenditure                              (706,564)

Net cash inflow before financing                                       (929,287)

Issue of ordinary share capital                                        4,230,498
Share issue costs                                                      (337,370)
Net cash inflow from financing                                         3,893,128

Increase in cash                                                       2,963,841

EMPYREAN ENERGY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2005

1.             Basis of preparation

The financial information contained in this document has been prepared in
accordance the historical cost convention and in accordance with Generally
Accepted Accounting Principles in the United Kingdom and with AIM Rules and does
not constitute statutory accounts as defined in Section 240 of the Companies Act
1985.

The interim report for the Period ended 30 September 2005 is unaudited and was
approved by directors on the 14 October 2005.In the opinion of the directors the
financial information for this period fairly presents the financial position,
results of the operations and cash flows for the period and conforms with
generally accepted accounting principles.

A copy of this interim report is available from Empyrean's registered office at
28 Eccleston Square, London SW1V 1NZ.

2.             Earnings per share

The calculation of earnings per share is based on the loss after taxation
divided by the weighted average number of share in issue during the period:
                                                                           £
Net loss after taxation                                                (232,938)

Weighted average number of ordinary shares used in calculating
basic earnings per share                                              23,812,306

Weighted average number of ordinary shares used in calculating
diluted earnings per share                                            24,268,394

3.             Deferred Tax Assets

A net deferred tax asset is regarded as recoverable and therefore recognised
only when, on the basis of all available evidence, it can be regarded as more
likely than not that there will be suitable taxable profits against which
carried forward tax losses can be offset.



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