Participation Agreement

Empyrean Energy PLC
14 September 2007


14 September 2007
                              Empyrean Energy PLC
                  ('Empyrean' or the 'Company'; Ticker: (EME))

                           Bondi Prospect : Texas USA

     • Empyrean signs Participation Agreement for new deal with Texon E & P,
       Inc.
     • 30-76 Bcfe Bondi Prospect to be drilled Q4 2007
     • Empyrean earning 15% working interest by paying 20% of costs
     • Option, following drilling of Bondi Prospect, to drill 28-62 Bcfe Coogee
       Prospect
                
AIM listed Empyrean is pleased to announce a new Participation Agreement with
Texon E & P, Inc, the USA operating subsidiary of ASX listed Texon Petroleum
Limited ('Texon' - ASX code TXN) to earn a 15% working interest in Texon's Bondi
Prospect situated onshore in Texas in the Gulf Coast region.

The Bondi Prospect is a 30-76 billion cubic feet equivalent ('Bcfe') gas target.
The target is the prolific upper Wilcox formation and 3D seismic has been used
to identify the drilling prospects. Under the agreement, Empyrean will fund 20%
of the cost of drilling, testing and completing the well in order to earn a 15%
working interest. If total costs exceed US$3,840,000 then Empyrean will 
contribute to further costs at 15% thus capping Empyrean's exposure to any
potential drilling cost blow outs. Empyrean will also reimburse Texon US$90,000, 
representing 15% of the prospect generation fee, land and lease costs.

Following the drilling of the Bondi Prospect, Empyrean will have a 90 day option
to decide to drill, test and subsequently develop the Coogee Prospect, a 28-62 
Bcfe target close to the Bondi Prospect. If Empyrean decides to participate on 
this prospect it will do so on similar terms to the Bondi Prospect and Empyrean 
will reimburse Texon US$27,000 representing 15% of the prospect generation fee.
                
Following the drilling of the Bondi and Coogee Prospects, Empyrean will earn the 
right to participate on the basis of a 15% working interest in any prospects to 
be drilled by Texon on an area of mutual interest covering approximately 25km2.
A further update will be made when the spud in date becomes known.

For further information
Charlie Geller/ Ed Portman
Conduit PR
Tel: [phone]

Rod Venables
HB-Corporate
Tel: [phone]

Empyrean Energy plc
Tel : [phone]




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