Update Eagle Oil Pool Develop

RNS Number : 2849Z

Empyrean Energy PLC

18 September 2009

 

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: [phone]

Nominated Adviser and Broker:

Jerry Keen                                     Astaire Securities Plc         Tel: [phone] 

Shane Gallwey                               Astaire Securities Plc          Tel: [phone]

 

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