25 May 2012

Texas test cheers Empyrean


28/05/2008 Robert Tyerman

Empyrean Energy says initial test results from its Sugarloaf project in Texas show ‘spectacular condensate and gas flows’.

In the test, Sugarloaf’s TCEI Block A-1 well flowed at an average rate of 9850 barrels of condensate with an average rate of more than 2.5 million cubic feet of gas, according to the London-based company. That is the equivalent of around 12 million cubic feet of gas equivalent per day.

Tom Kelly, director of AIM-quoted Empyrean, commented, ‘These flow rates are spectacular. To be getting such a great condensate flow is also very pleasing, given where the oil price is right now.’

Floated three years ago at 35p, Empyrean shares hit 164.5p in 2006 before collapsing all the way to 17.25p two months ago. Highlighted by Growth Company Investor at 46p last year, they have now reached 69.5p, up 13.5p this morning, valuing the company at £35 million, and could have further to go.


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Sector: Mining

Companies: Empyrean Energy

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