Empyrean Energy PLC Further Exploration Risk Mitigation on China Block (0297Z)
2019年5月15日 - 3:00PM
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Empyrean Energy PLC
15 May 2019
This announcement contains inside information
Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil &
Gas
15 May 2019
Empyrean Energy PLC ("Empyrean" or the "Company")
Presence of Gas Clouds on 3D seismic further mitigates
exploration risk on
Jade and Topaz Prospects, offshore China Block 29/11
Highlights
-- Comprehensive analysis of 3D seismic confirms presence of
well-defined gas clouds over Jade and Topaz prospects
-- All nearby CNOOC Oil discoveries show similar well-defined
gas clouds in overburden whereas dry wells do not have gas clouds
in overburden
-- The detection of gas clouds in seismic data is therefore
being used as a tool in an effort to distinguish between
hydrocarbon charged traps and dry wells in the area
Empyrean Energy Plc, the oil and gas development company with
interests in China, Indonesia and the United States, is pleased to
advise that comprehensive analysis of the excellent quality 3D
seismic data, acquired by Empyrean during 2017, confirmed the
presence of well-defined low reflectivity zones in the overburden
strata above the Jade and Topaz structures on offshore China Block
29/11. These low reflectivity zones are commonly referred to as
'gas clouds' within the oil and gas industry. In good quality 3D
seismic, presence of gas clouds has been used as an effective
exploration tool in prolific basins worldwide including the North
Sea, Gulf of Mexico, and the Malaysian Sabah basin contributing to
the discovery of significant amounts of oil.
For example, South Arne Field in the Danish North Sea was
discovered by Hess Corporation, using the presence of gas clouds as
an indication of a large oil field. Furthermore, all seven large
oil fields, including the giant Kikeh Oil Field offshore Sabah,
Malaysia have well-defined gas clouds.
In order to increase the confidence of using the presence or
absence of gas clouds as a valid exploration tool for Empyrean's
Block 29/11, China National Offshore Oil Company ("CNOOC") allowed
Empyrean to independently analyse their 3D seismic data,
immediately west of Block 29/11 over four large oil discoveries
located close to Empyrean's Block 29/11.
Empyrean has analysed the data and confirmed the presence of gas
clouds in the overburden of all four discoveries.
Simultaneously, three dry wells drilled by CNOOC in close
proximity to the discoveries, outside Empyrean's Block 29/11, were
analysed, and the 3D seismic data over these wells confirmed that
no gas clouds were present. Similar technical work was carried out
over two dry wells in Block 29/11. These wells were drilled prior
to Empyrean's involvement and without any 3D seismic data. Both
wells confirm that no gas clouds were present in overburden.
As a result, it is Empyrean's interpretation that the Southern
part of the Pearl River Mouth Basin, where Block 29/11 is located,
is behaving similarly to all worldwide basins, where the presence
of gas clouds have resulted in large discoveries of oil, and/or gas
clouds have been shown to be present post discovery on 3D seismic.
Presence of well-defined gas clouds in the overburden on both the
Jade and Topaz structures mitigates the exploration risk on these
prospects significantly.
The Pearl prospect does not have 100% coverage with 3D seismic
to enable the same comprehensive analysis and assessment at this
point in time.
Empyrean will be presenting these new exploration developments
at the 121 Oil and Gas Conference in Hong Kong from Thursday 16 May
- Friday 17 May 2019. A copy of the presentation, including gas
cloud imagery, will be made available on Empyrean's website at
www.empyreanenergy.com .
Empyrean CEO, Tom Kelly commented "We are delighted with the
continued excellent collaboration with the CNOOC technical team.
The presence of well-defined gas clouds at our two premier
prospects in China with good reflectivity above and laterally gives
additional confidence in the technical merit of our world class oil
exploration play in offshore China. It also further solidifies our
understanding of why previous wells drilled on Block 29/11 were dry
and demonstrates the value of systematic and rigorous technical
evaluation in reducing the exploration risk for oil and gas.
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
Pete Lynch Tel: +44 (0) 131 220 9772
St Brides Partners Ltd
Priit Piip Tel: +44 (0) 20 7236 1177
Frank Buhagiar Tel: +44 (0) 20 7236 1177
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