Empyrean Energy PLC Extension agreed for first phase at Block 29/11 (7264O)
2020年6月3日 - 3:00PM
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RNS Number : 7264O
Empyrean Energy PLC
03 June 2020
This announcement contains inside information
Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil &
Gas
Empyrean Energy plc
3 June 2020
12-month extension for first phase exploration drilling at Block
29/11, China
Empyrean Energy ("Empyrean" or the "Company"), the oil and gas
exploration and development company with interests in China,
Indonesia and the United States, provides the following update on
its Block 29/11, offshore China.
Highlights
-- 12-month extension to the first phase of exploration on Block 29/11
-- The Company now has until 12 June 2022 to drill its first well on Block 29/11
-- However, the Company remains committed to safely drilling its
first well as soon as practicable
Due to the COVID-19 pandemic and the resultant global control
policies, the Company proactively engaged with China National
Offshore Oil Corporation ("CNOOC") and applied for a 12-month
extension to the first phase of the exploration period for the
Petroleum Contract for Block 29/11.
The Company is pleased to announce that CNOOC has now granted a
12-months extension to the first phase of exploration. As a result,
the first phase of the exploration period for the Petroleum
Contract for Block 29/11 has been extended to 12 June 2022. CNOOC
has informed the company that the existing current contract will be
suitably amended in due course.
The exploration commitment for the first phase of exploration is
to drill an exploration well. The Company is taking all necessary
steps for safely drilling the first exploration well on Block 29/11
as soon as practicable.
Empyrean CEO, Tom Kelly, stated:
"This 12-month extension is a further example of the excellent
cooperation and understanding between CNOOC and Empyrean. The
extension provides enormous de-risking and flexibility with respect
to the planning and drilling of the first phase exploration well in
Block 29/11 without having to invoke force majeure. COVID-19 has
made many operations unsafe and uncertain, especially travel, and
this extension provides the flexibility for a much safer approach
to our operations. It is Empyrean's intention to drill this first
exploration well as soon as practicable and we continue to take
proactive steps towards a safe drilling operation in China. Put
simply, if we can safely drill this first well ahead of the new
extension - we will."
For further information please contact the following:
Empyrean Energy plc
Tom Kelly Tel: +61 8 6146 5325
Cenkos Securities plc
Neil McDonald Tel: +44 (0) 131 220 9771
Pete Lynch Tel: +44 (0) 131 220 9772
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END
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