Empyrean Energy PLC Jade Drilling - Well design & engineering Project (4179W)
2021年4月23日 - 3:00PM
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RNS Number : 4179W
Empyrean Energy PLC
23 April 2021
23 April 2021
Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil &
Gas
Empyrean Energy PLC ("Empyrean" or the "Company")
Jade Drilling - Well design and engineering Project
Empyrean Energy plc (EME: AIM) ("Empyrean"), the oil and gas
development company with interests in China, Indonesia and the
United States, is pleased to provide the following update on its
planning for drilling the Jade prospect on Block 29/11, offshore
China.
The Company has commenced comprehensive planning for the
drilling of the Jade prospect in order to ensure a safe and secure
drilling campaign and has awarded a contract with AGR's team in
Australia to assist with well planning and engineering.
AGR is owned by Oslo Stock Exchange listed Akastor ASA (a
subsidiary of AKER group companies), and is an independent
consultancy delivering well engineering, drilling project
management and reservoir management as well as consultant manpower
and software solutions to the energy industry.
AGR has managed 545+ well projects across 6 continents with
3,700+ consultants placed in 100 locations. AGR's subsurface team
members have an average of 20+ years' industry experience
The AGR team has been tasked to consider a number of well design
options after comprehensive analysis of offset wells, concluding
with a recommendation for well design. The recommended well design
will be progressed to a detailed well design, including a time and
cost estimate, utilising AGR's proprietary probabilistic time and
cost software, P1(TM). The software application will allow AGR to
quantify and demonstrate the various risks specific to each
operation, providing Empyrean with further insight into the well
planning. Empyrean will then use this important work, in the first
instance, to assist with the assessment of quotes for drilling the
Jade prospect.
It is anticipated that AGR's initial work on well design will be
completed in the coming weeks and further updates will be provided
to shareholders in due course.
Empyrean CEO, Tom Kelly stated "We are excited about commencing
comprehensive planning for drilling our first well in China.
Drilling the world class Jade prospect will herald a new phase in
the history of the Company as we become an operator of an exciting
drilling campaign. Jade will be our first well drilled and is one
of three large conventional oil targets next door to a billion
barrel oilfield within the energy hungry Chinese market. We have
selected AGR for the well design and engineering project as they
have a long and comprehensive experience across 6 continents with
industry specialists that have a long history of subsurface
expertise."
**ENDS**
For further information:
Empyrean Energy plc
Tom Kelly Tel: +61 6146 5325
Cenkos Securities plc (Nominated
Advisor and Broker)
Neil McDonald Tel: +44 (0) 131 220 9771
Pete Lynch Tel: +44 (0) 131 220 9772
First Equity Limited (Joint
Broker)
Jason Robertson Tel: +44 (0) 20 7330 1883
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END
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