News

December 01, 2008

Empyrean Energy Taps Additional Cash For Sugarloaf Project But Shares Struggle

By Martin Clark

Not so long ago, in the heady summer days of 2008 when oil prices were soaring, the measure of skill for any aspiring E&P company was pinning down a rig to drill a well.

Now, it seems, raising finance in what has become a highly illiquid market is the real test.

Not that drilling was ever a problem for AIM-quoted Empyrean Energy, which has been proactive in probing its smattering of US assets.

Empyrean is one of a group of companies that sought their fortune in the US by revisiting lots of small and mid sized discoveries made by bigger groups and then tossed aside.

These fields were never exploited because of low prices at the time when the finds were made. The high oil and gas prices prevailing until recently changed all that.

While oil prices...