Empyrean Energy PLC Block 29/11, China - NH9 rig on Jade location (7746H)
2022年4月8日 - 3:01PM
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RNS Number : 7746H
Empyrean Energy PLC
08 April 2022
This announcement contains inside information
Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil &
Gas
Empyrean Energy plc
Block 29/11, China - NH9 rig on Jade location
8 April 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
-- COSL owned NH9 rig has arrived safely on location at the Jade Prospect
-- Operations to anchor the rig on location have commenced
-- Spudding of LH 17-2-1 well over Jade Prospect is now
anticipated to commence on or around 10 April
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.
China Offshore Services Limited ("COSL") towed the NH9 rig to
the Jade well location and is currently in the process of anchoring
the rig in place.
Once safely and securely anchored in place, preparations to rig
up in preparation to spud the well will immediately follow. At this
stage, it is anticipated that the well will spud on or around 10
April.
A further update will be provided once the well spuds.
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:
"Towing operations have unfolded a little quicker than we
expected and we are now counting down the hours until we spud one
of the highest potential impact and eagerly anticipated wells of
2022. We look forward to providing updates as the drilling starts
and further progress is made. It is no mean feat that Empyrean,
guided by Executive Technical Director -Gaz Bisht, was awarded the
Block 29/11 permit, successfully carried out 608km2 of 3D seismic,
conducted oil migration studies, gas cloud studies, and seismic
inversion studies and is now about to drill a 395 million barrel
potential in place conventional light oil target at Jade."
Background Information on Jade and Topaz prospects
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.
The Topaz Prospect
Following any potential success at the Jade Prospect, Empyrean
would like to drill the much larger Topaz Prospect, to which
Gaffney Cline & Associates ("GCA") assigned a Geological Chance
of Success ("GCoS") of 30%. 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 35%. Further, any discovery at the upcoming
Jade well significantly increases the geological chance of success
at Topaz
The Topaz Prospect has GCA audited mean in place potential of
434 MMbbl and a P10 in place upside of 891 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.
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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