01/08/2008
Empyrean Energy reports encouraging gas shows from its Sugarloaf Block A well in Texas.
According to the AIM-quoted company, electric logs show an ‘encouraging’ interval of some 300 feet of gas shows at depths of between 12,400 and 12,700 feet. The London-based Empyrean says maximum gas readings recorded were more than 25 times the average background gas readings.
Floated at 35p three years ago, Empyrean shares hit 164.5p in 2006 before collapsing to 17.5p last April. They have now perked up to 34.5p, valuing the company at £20.5 million.
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