06/08/2007
Gas flows at Empyrean Energy’s Agavero well on the Gulf Coast of Texas have now reached 642,000 cubic feet a day.
The Agavero is part of AIM-quoted Empyrean’s Margarita project and will now be tied to a nearby pipeline, so that sales of its gas can begin. Sales have already begun from the company’s Dona Carlota well, where gas began flowing last month at the rate of one million cubic feet a day.
London-headquartered Empyrean, which began life as a Germany-focused oil and gas play, holds 44 per cent of the Margarita project. After floating at 35p in 2005, its roller-coaster shares hit 164.5p late last year before losing more than two thirds of their value.
Now 59p, up 1p this morning and valuing the company at £29.3 million, they have speculative appeal.
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