Empyrean Energy PLC Jade drilling operational status (8854X)
2022年1月10日 - 4:00PM
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RNS Number : 8854X
Empyrean Energy PLC
10 January 2022
This announcement contains inside information
Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil &
Gas
Empyrean Energy plc
Block 29/11, China - Jade drilling operational status
10 January 2022
Empyrean Energy plc ("Empyrean" or the "Company"), the oil and
gas development company with interests in China, Indonesia and the
United States, is pleased to provide the following update on
preparations to drill the Jade prospect at its 100% owned Block
29/11 permit, offshore China:
HIGHLIGHTS
-- Empyrean and China Oilfield Services Limited ('COSL') survey
engineers have held several meetings over the past week resulting
in a revised scope of survey works and providing a greater sea
swell tolerance to conduct the well site survey required over the
Jade drilling location
-- A shorter survey duration requiring 3-4 days of swell less
than 1.7m now required before rig mobilisation and drilling
-- CNOOC EnerTech-Drilling & Production Co ('CNOOC
EnerTech') team has made significant progress in securing critical
pre-drilling permitting including Standby Vessel and Environmental
Impact permits already being completed
-- A further five permits are in progress and expected in the
coming weeks with the last of eight permits requiring the well site
survey in order to complete
Empyrean is the operator of Block 29/11 in China and has 100%
working interest during the exploration phase. In the event of a
commercial discovery, its partner, China National Offshore Oil
Company ("CNOOC"), may assume a 51% participating interest in the
development and production phase.
The Company and COSL held several meetings in the past week to
review the well site survey status and have reworked the scope of
the survey resulting in a widened operable weather window.
The updated scope will now have an operable weather window with
peak wave heights to <1.7m. The increased swell tolerance of the
new scope is specifically designed to give Empyrean and the COSL
survey team a greater chance of completing the well site survey
sooner.
The CNOOC EnerTech team has been working efficiently and has
made significant progress in securing critical pre-drilling
permits. The Registered Certificate for Standby Vessel and
Environmental Impact Registration have already been completed. A
further five permit applications are in progress and Empyrean will
provide a further update as these permits progress and are
completed. The last of the eight permits required will be completed
on conclusion of the well site survey.
The Jade Prospect
The 2021 drilling campaign is targeting a world class
conventional oil target in the Jade Prospect, to which Gaffney
Cline & Associates ("GCA") assigned a Geological Chance of
Success ("GCoS") of 32%. Subsequent to this independent assessment,
the Company completed a gas cloud study and post stack seismic
inversion study that it believes further mitigates risk and
increases the GCoS to 41%.
The Jade Prospect has a GCA audited mean in place potential of
225 MMbbl and a P10 in place upside of 395 MMbbl. Four recent
nearby discoveries by CNOOC immediately to the West of the Jade
Prospect are filled to their P10 potential or better. All four
CNOOC discoveries have gas clouds showing in the overburden on
seismic.
Empyrean's excellent quality 3D seismic indicates that there is
a classic "fill to spill" geological setup in the basin, and a
robust regional seal, that provides the Jade and Topaz Prospects
with a very real possibility of being filled in a similar fashion
to nearby discoveries. The Jade and Topaz prospects have gas
clouds, similar to nearby discoveries, in the overburden on 3D
seismic. Dry wells nearby do not have gas clouds. The Jade Prospect
is the first of the three identified prospects within Block 29/11,
which also contains the Topaz and Pearl prospects. The combined
audited mean in place potential of all three prospects is 884 MMbbl
and a P10 in place upside of 1,588 MMbbl. The post stack seismic
inversion study showed Jade and Topaz both have the potential for
excellent carbonate buildup reservoir quality with excellent
porosity and permeability. Any oil discovered is expected to be
light oil in the 38-41 API range, similar to nearby discoveries.
These attributes combined with the potential for exceptional
natural reservoir drive supports the potential for excellent
recovery rates.
China is the largest importer of oil in the world.
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:
"The Empyrean, COSL and CNOOC EnerTech teams are all working
hard to tick all of the boxes required to get out there and drill
the high impact and exciting Jade prospect as soon as practicable.
The Jade prospect looks to be one of the highest impact exploration
wells scheduled for 2022, globally. We need a little bit of luck
from the weather, but we are finding ways to progress despite the
unseasonal late poor weather conditions. At the same time, the
CNOOC EnerTech team has been making steady progress in securing the
necessary pre-drill permits. Finally, we would again like to thank
COSL and CNOOC for their continued support and cooperation
throughout this process."
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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