Holding(s) in Company

Empyrean Energy PLC
23 February 2007


                              Empyrean Energy PLC

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

                TR-1(i): NOTIFICATION OF MAJOR INTEREST IN SHARES
                -------------------------------------------------


1.       Identity of the issuer or the underlying issuer of existing shares to 
         which voting rights are attached (ii):

         Empyrean Energy Plc

2.       Reason for the notification:

         Notification of holding at 20 January 2007

3.       Full name of person(s) subject to the notification obligation (iii):

         JP Morgan Chase & Co

4.       Full name of shareholder(s) (if difference from 3):

         JP Morgan Asset Management (UK) Limited

5.       Date of the transaction and date on which the threshold is crossed or 
         reached (v):

         N/A

6.       Date on which issued notified:

         20 February 2007

7.       Threshold(s) that is/are crossed or reached:

         5% threshold

8.       Notified details

         A: Voting rights attached to shares

         Class/type of share if possible using the ISIN Code        GB00B09G2351

         Situation Previous to the triggering transaction (vi)                 -
            Number of Shares                                                 N/A
            Number of Voting Rights (viii)                                   N/A
         
         Resulting situation after the triggering transaction (viii)           -
            Number of Shares                                                   -
            Number of Voting Rights - Direct (x)                               -
            Number of Voting Rights - Indirect (xi)                    1,770,000
            % of voting rights - Direct                                        -
            % of voting rights - Indirect                                   5.01


B: Financial Instruments

Resulting situation after the triggering transaction (xii)

Type of financial instrument                                                 N/A

Expiration date (xiii)                                                       N/A

Exercise/Conversion Period/Date (xiv)                                        N/A

Number of voting rights that may be acquired if the
instrument is exercised/converted                                            N/A

% of voting rights                                                           N/A

        Total (A+B)

Number of voting rights                                                1,770,000

% of voting rights                                                          5.01

9.       Chain of controlled undertakings through which the voting rights and/or 
         the financial instruments are effectively held, if applicable (xv):

Total disclosable holding for JP Morgan Chase & Co.: 1,770,000 voting rights 
(5.01%)

Holdings by controlled undertakings of JP Morgan Chase & Co. are as follows:

JP Morgan Asset Management (UK) Limited: 1,770,000 voting rights (5.01%)

Proxy Voting:

10.   Name of the proxy holder:                                              N/A

11.   Number of voting rights proxy holder will cease to hold:               N/A

12.   Date on which proxy holder will cease to hold voting rights:           N/A

13.   Additional information:

This is notification of disclosable holding as at 20 January 2007.
Please note the group has other holdings which are covered by exemptions.

14.   Contact name:                                                 Tracey Young

15.   Contact telephone number:                                    020 7325 4513





For further information
Laurence Read/ Ed Portman
Conduit PR
Tel: [phone]/
[phone]

Empyrean Energy plc
Tel : [phone]

Rod Venables/ Cecil Jordaan
HB Corporate
Tel: [phone]



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