Empyrean Energy PLC Jade prospect well design and engineering project (5395X)
2021年5月5日 - 3:00PM
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RNS Number : 5395X
Empyrean Energy PLC
05 May 2021
Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil &
Gas
Empyrean Energy plc
Block 29/11, China - Jade prospect well design and well
engineering project
Empyrean Energy ("Empyrean" or the "Company"), the oil and gas
development company with interests in China, Indonesia and the
United States, provides the following update on well design and
engineering work for the Jade prospect on Block 29/11, offshore
China.
HIGHLIGHTS
-- Comprehensive analysis completed of drilling data from nearby
offset wells, including four CNOOC owned wells
-- A robust well design for the Jade prospect has been finalised
after considering two casing design options
-- All drilling operation issues have been analysed
comprehensively for a safe and cost-effective drilling
operation
-- The Jade prospect has been assessed by Gaffney Cline to have
Oil in Place (STOIIP) potential of 225 MMbbl (mean) with an upside
case of 395 MMbbl (P10)
On 23 April 2021, Empyrean announced that the Company had
commenced comprehensive planning for the drilling of the Jade
prospect in order to ensure a safe and secure drilling campaign and
had awarded a contract to AGR's team in Australia to assist with
well planning. AGR has now completed the well design and
engineering project, and provided Empyrean with its detailed
report.
The AGR team completed a comprehensive review of offset wells in
the vicinity of the Jade prospect, which includes four CNOOC
wells.
Two well design options were identified, including a
three-string (casing) design and a four-string (casing) design in a
success case.
AGR has recommended the four-string design as it provides a more
robust well design with reduced exposure to potential unplanned
events and associated costs.
Key Benefits of the four-string design include:
-- The surface casing shoe can be set shallower to provide
sufficient kick tolerance reducing the risk of surface hole
problems, or requirement for a pump and dump mud and associated
costs.
-- Reduced risk of hole problems while drilling the final hole
section that can lead to difficulties evaluating target formations
and / or results in a contingency casing string across the
reservoir in the success case. Planning for contingent testing
equipment for this scenario would be required, reducing the cost
benefits associated with string elimination.
-- Reduced risk of complications during abandonment operations
due to failure to achieve sufficient annular cement if the
production string is run/cemented.
Based on AGR analysis and recommendation, EME management has
decided to plan for a four-string design for the Jade prospect
well.
In addition, the AGR report has provided a comprehensive design
recommendation for drilling fluids, cement and abandonment for the
well. Abandonment of the exploration and appraisal wells is a
requirement even in the success case. The plan is to drill and test
the Jade prospect. Following a successful test, a subsequent
appraisal well would be drilled and core taken to assist with
development planning. Following development approval, subsequent
wells are designed for production.
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:
"With the timely completion of well design and engineering work,
Empyrean is confident of conducting a safe and secure drilling
campaign for the exciting and potentially transformational Jade
prospect. AGR has completed a detailed, comprehensive and
professional analysis, with recommendations that the Empyrean team
are able to implement and act upon. Our next step is to utilise the
report and recommendations to identify and negotiate a suitable rig
for the drilling of Jade. We plan to update shareholders on our
ongoing well planning soon."
For further information please contact the following:
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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