Empyrean Energy PLC Petroleum Contract for Block 29/11 signed (4848C)
2018年10月1日 - 4:40PM
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TIDMEME
RNS Number : 4848C
Empyrean Energy PLC
01 October 2018
This announcement contains inside information
Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil &
Gas
01 October 2018
Empyrean Energy PLC ("Empyrean" or the "Company")
Petroleum Contract for Block 29/11 signed
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 signed the Petroleum Contract
("PSC") with CNOOC for Block 29/11 on 30 September 2018. The date
of Commencement of the Implementation of the PSC is 13 December
2018. The first phase of contract ('Phase 1') is for 2.5 years with
a commitment to drill one exploration well to a depth of 2,500m or
to the Basement Formation. The Company has a 100% working interest.
Upon a commercial discovery CNOOC has the right to participate in
up to 51% working interest.
EME had entered into a Geophysical Service Agreement (GSA) with
CNOOC on 13 December 2016 and successfully completed the work
program required under the GSA phase ahead of the required
timeframe. The GSA entitled Empyrean an option to subsequently
enter into the PSC on pre-agreed terms.
3D seismic data acquired under the GSA commitment, helped mature
three material size prospects. Following a comprehensive oil
migration study, the Jade and Topaz prospects are now considered
high priority and drill ready. The following table shows the
Company's internal assessment of prospective resources, that are
currently being independently assessed by expert consultants,
Gaffney Cline and Associates.
Block 29/11, China
EME Gross Prospective (un-risked) Resources MMbbl*
Prospect Low Case Best Case High Case
------------ ------------- -------------
Jade 110 183 320
------------ ------------- -------------
Topaz 298 431 631
------------ ------------- -------------
Pearl 105 152 220
------------ ------------- -------------
Under the PSC, EME has the option of entering Phase 2 after
relinquishing 25% of the current area. Phase 2 has a commitment of
drilling one additional exploration well to a depth of 2,500m or to
the Basement Formation within a further 2-year timeframe.
Empyrean CEO Tom Kelly commented, "Entering into the PSC marks
an important milestone for the Company with regards Block 29/11.
Tenure is now secured on Block 29/11 for 2.5 years. We are looking
forward to drilling one of the exciting, potentially company
transformational prospects that we have identified via the recently
acquired 3D seismic. Alternatives for drilling our first well on
Block 29/11 within the 2.5 year time frame are open, with farm-out,
sale of an asset or alternative fund raising all being
considered."
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.
**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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