Empyrean Energy PLC Block 29/11, China - Jade drilling update (8291D)
2022年3月7日 - 5:03PM
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RNS Number : 8291D
Empyrean Energy PLC
07 March 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
7 March 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 (the "Jade Prospect"):
HIGHLIGHTS
-- China Oilfield Services Limited ("COSL") has successfully
completed the well site survey required over the Jade Prospect
drilling location
-- The completion of the well site survey enables the prompt
lodging of the final permit application required to drill the Jade
Prospect
-- All other permits required to drill the Jade Prospect have been obtained and finalised
-- Empyrean is now in further discussions to finalise drill rig
availability and an anticipated spud date for the Jade Prospect
well
-- Early discussions with both COSL and CNOOC regarding a
drilling slot using the NH9 rig, which is currently drilling a well
for CNOOC in the region, have been positive and an update on
scheduling is expected shortly
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.
After a sustained period of unsuitable weather, the Company is
extremely pleased to confirm that the COSL survey team has taken
advantage of a small operable weather window and has successfully
completed the well site survey at the Jade Prospect. The survey
included a number of gravity samples and an analogue survey over
the Jade Prospect drill location and rig anchoring points.
While the Company awaited suitable weather conditions over the
past months the CNOOC EnerTech team has been working efficiently
and has secured seven of the eight critical pre-drilling permits.
With the completion of the well site survey the Company can now
quickly lodge the application for the final permit to drill the
Jade Prospect.
Empyrean is now in discussions to confirm a final drill rig slot
using the COSL owned NH9 rig that is currently drilling a well for
CNOOC in the region and expects to announce the targeted spud date
for the Jade Prospect well as soon as these negotiations complete
and scheduling becomes clear.
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 both 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.
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:
"We are delighted that the COSL survey team has been able to
complete the well site survey, given the sustained unfavourable
winds and swells encountered over the past 6 months. This now
enables the completion of the permitting process with the survey
report being the final box to tick. Over the past few months the
Empyrean, COSL and CNOOC EnerTech teams have been hard at work to
finalise all required permits to drill the high impact and exciting
Jade Prospect. With the completion of the well site survey the
Company can now quickly lodge the application for the final of the
eight required permits to drill the Jade Prospect. As advised
previously, the Jade Prospect looks to be one of the highest impact
exploration wells scheduled for 2022, globally. Again, I would like
to thank COSL and CNOOC for their continued excellent 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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