Empyrean Energy PLC Third-party Independent STOIIP Audit, Block 29/11 (7510Z)
2018年9月5日 - 3:00PM
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RNS Number : 7510Z
Empyrean Energy PLC
05 September 2018
This announcement contains inside information
Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil &
Gas
5 September 2018
Empyrean Energy PLC ("Empyrean" or the "Company")
Appointment of Consultants for Third-Party Independent Audit of
Block 29/11, China
Empyrean Energy (EME: AIM), the oil and gas development company
with interests in China, Indonesia and the United States, is
pleased to announce that it has engaged Gaffney, Cline &
Associates ("GCA"), a global oil and gas consulting agency, to
complete a third-party independent audit of oil initially in place
("STOIIP(1) Audit") estimates over the Jade, Topaz and Pearl
prospects located in Block 29/11 in the Pearl River Mouth Basin,
China in which the Company has a 100% working interest.
As announced on 6 June 2018, based on comprehensive seismic
interpretation of fully processed 3D data an internal Company
estimate has indicated total Preliminary Prospective Resources
(Best) Estimate of 774 MMbbl for the three prospects. GCA is
performing an independent audit on a data set of technical
information made available to GCA by Empyrean, including details of
licence interests and agreements, geological and geophysical data,
interpretations and technical reports. GCA s work will include all
checks and estimates as considered necessary to independently audit
the oil initially in place range. The results will be provided as
probabilistic analysis with P90(2), P50(3) and P10(4) STOIIP.
The Independent STOIIP Audit is expected to be completed by GCA
by October 2018.
Empyrean CEO Tom Kelly commented, "The third-party Independent
STOIIP Audit of the Block 29/11 prospects is an important process
to provide independent confirmation of the potential of these large
prospects. We look forward to updating the market with GCA's
findings as soon as they come to hand."
This report has been reviewed by Empyrean's Executive Technical
director, Gaz Bisht, who has over 29 years experience as a
hydrocarbon geologist and geoscientist.
(1) Stock tank oil initially in place
(2) P90 is considered to be a conservative estimate of the
quantity that will actually be recovered. It is likely that the
actual remaining quantities recovered will exceed the low estimate.
If probabilistic methods are used, there should be at least a 90
percent probability (P90) that the quantities actually recovered
will equal or exceed the low estimate.
(3) P50 is considered to be the best estimate of the quantity
that will actually be recovered. It is equally likely that the
actual remaining quantities recovered will be greater or less than
the best estimate. If probabilistic methods are used, there should
be at least a 50 percent probability (P50) that the quantities
actually recovered will equal or exceed the best estimate.
(4) P10 is considered to be an optimistic estimate of the
quantity that will actually be recovered. It is unlikely that the
actual remaining quantities recovered will exceed the high
estimate. If probabilistic methods are used, there should be at
least a 10 percent probability (P10) that the quantities actually
recovered will equal or exceed the high estimate.
**ENDS**
For further information:
Empyrean Energy plc
Tom Kelly Tel: +61 8 9380 9920
Cenkos Securities plc
Neil McDonald Tel: +44 (0) 131 220 9771
Beth McKiernan Tel: +44 (0) 131 220 9778
St Brides Partners Ltd
Lottie Wadham Tel: +44 (0) 20 7236 1177
Frank Buhagiar Tel: +44 (0) 20 7236 1177
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END
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