Issue of Equity

Empyrean Energy PLC
02 March 2006



                              Empyrean Energy PLC
                  ('Empyrean' or the 'Company'; Ticker: (EME))

                               Placing of Shares

AIM-quoted Empyrean Energy PLC today announces it has completed a placing for
2,539,350 new ordinary shares at a price of £1.30 per share to raise £3,301,155
of new capital for the Company.

The net proceeds of the Placing of approximately £3,109,595 will provide the
Company with the funds to continue evaluating both the Eagle Oil Pool
Development Project in the USA and the Glantal gas project in Germany, and to
evaluate and acquire new projects in the energy sector. Specifically, funds will
be used to carry out testing on the Glantal-1 well and for further exploration
on the Glantal Gas Project. Subject to the results of the vertical testing of
the Eagle North-1 well funds will also be used to drill a horizontal completion
well at the Eagle Oil Pool Development Project in California. Subject to a
successful horizontal completion at Eagle North-1 funds may be used for a
seismic program to assist with development of the project.

Until testing is complete at the Glantal-1 well in Germany and both the vertical
and potential horizontal completions have been tested at the Eagle North-1 well
in California, no conclusions can be drawn as to the commercial viability of
either the Glantal-1 well or the Eagle North-1 well. Empyrean Energy Plc
operates in the high risk industry of hydrocarbon exploration.

The new ordinary shares have been placed with a number of UK institutional and
one EU institutional investor.

Application will be made for the new ordinary shares to be admitted to trading
on AIM.



For further information

Laurence Read/ Angus Prentice                     
Conduit PR                              
Tel: [phone]          
Mob: [phone]

David Newton
HB Corporate
Tel: [phone]

Chris Lambert
Empyrean Energy plc
Tel: [phone]






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