Empyrean Energy PLC Upgraded Internal Geological Chance of Success (1084V)
2021年4月12日 - 3:00PM
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RNS Number : 1084V
Empyrean Energy PLC
12 April 2021
Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil &
Gas
Empyrean Energy plc
Block 29/11, China - upgraded Internal Geological Chance of
Success
Empyrean Energy ("Empyrean" or the "Company"), the oil and gas
development company with interests in China, Indonesia and the
United States, provides the following upgraded internal assessment
of Geological Chance of Success ("GCoS") at its Jade and Topaz
prospects on Block 29/11, offshore China ("Block 29/11").
HIGHLIGHTS
-- Internal assessment of GCoS for Jade upgraded from 32% to 41%
-- Internal assessment of GCoS for Topaz upgraded from 30% to 35%
On 9 November 2018, Empyrean announced the results of an
independent review of oil in place estimates and GCoS for its
priority prospects on Block 29/11 offshore China. The report was
prepared by Gaffney Cline and Associates ("Gaffney Cline") and
included a GCoS for the Jade and Topaz prospects of 32% and 30%
respectively.
Following the Gaffney Cline report, Empyrean announced the
results of an internal study on 15 May 2019 which established that
nearby CNOOC oil discoveries all had well-defined 'gas clouds'
limited to the areas immediately above the targeted prospects,
whereas nearby dry wells did not. The study also established that
the Company's Jade and Topaz prospects both have similar gas clouds
that are clearly visible in the 3D seismic data, which is of
excellent quality. This technique has been successfully used as a
hydrocarbon indicator in a number of prominent hydrocarbon basin
discoveries worldwide. As a result, the study reduces the risk
associated with hydrocarbon charge, and therefore increases the
GCoS of the Block 29/11 prospects.
Subsequent to the gas cloud study, the Company has continued its
work to mitigate technical risk in relation to the Jade and Topaz
prospects. On 21 May 2020, the Company announced the findings of a
post stack seismic inversion study. This study confirmed the
potential for excellent quality carbonate reservoir rocks with
favourable porosities at both prospects. The study reduced the risk
associated with reservoir presence and quality, and therefore
increases the GCoS of the Block 29/11 prospects.
When assessing any prospects for GCoS, the major parameters
commonly used are reservoir rock, trap/seal, source rock and
timing/migration pathway. These two major studies were completed
after Gaffney Cline had assigned 32% and 30% GCoS to the Jade and
Topaz prospects, respectively, and increase the Company's
confidence on key factors impacting the GCoS of those targets.
Accordingly, the Company has updated its internal assessment of
GCoS for the Jade and Topaz prospects and has upgraded these to 41%
and 35%, respectively.
Following the Company's reassessment of the GCoS of its two
primary prospects on Block 29/11, the Company has held a Joint
Management Committee meeting where updated key technical data was
presented to CNOOC. CNOOC has now agreed with the Company's
proposal to drill the Jade prospect as a commitment well as soon as
practicable within the best timing window. Discussions are
currently taking place with parties interested in participating in
the exciting opportunity that both Jade and Topaz offer.
The information contained in this announcement has been reviewed
by Empyrean's Executive Technical director, Gaz Bisht, who has over
31 years' experience as a hydrocarbon geologist and
geoscientist.
Empyrean CEO, Tom Kelly, stated:
"Whilst much of the major work in addressing the prospective
resources and Geological Chance of Success of our Chinese assets
was completed some time ago, the Company has been continuously
reviewing the dataset in order to select the best prospect to drill
first, resulting in the decision to prioritise Jade as a commitment
well. The Company is in discussions with a number of interested
parties, and both the Gaffney Cline assessment of GCoS and the
Company's view on GCoS following the additional work are highly
relevant and are being used in presentations. We look forward to
updating shareholders on further progress of our plans in the
coming weeks and months."
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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