TIDMEME
RNS Number : 4483O
Empyrean Energy PLC
10 June 2022
This announcement contains inside information
Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil &
Gas
Empyrean Energy plc
Block 29/11, China - Decision to enter second phase of
exploration for drilling Topaz Prospect
10 June 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 the
completion of post well analysis and entering the second phase of
exploration and drilling the Topaz prospect at its 100% owned Block
29/11 permit, offshore China.
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 second phase of exploration
requires the payment to CNOOC of US$250,000 and the work obligation
is the drilling of an exploration well within 2 years.
HIGHLIGHTS
-- Post-well analysis confirmed reservoir quality better than
pre-drill estimate with regional seal confirmed and depth
conversion approach validated
-- As a part of post-well evaluation, CNOOC geochemical and
basin modelling experts provided excellent assistance in
interpreting the critical elements of effective regional oil
migration pathways-leading to positive implications for the Topaz
prospect
-- Based on post drill technical evaluation, and CNOOC-assisted
migration pathways assessment, Empyrean has decided to enter the
second phase of exploration and drill the Topaz prospect
Jade well results analysis:
Comprehensive post well analysis confirmed the Jade well
carbonate reservoir parameters are better than pre-drill estimates
with total thickness of 292m and porosity in the range of 25 to
27%. In addition, the Jade well penetrated thick and effective
regional seal facies and the reservoir top was encountered within
the depth conversion range. These parameters can now be more
confidently mapped across Empyrean's 3D data set.
As a result, reservoir, seal and trap validity of the Topaz
prospect has been enhanced by the Jade well data.
Key Elements of effective Migration pathways:
As a part of post-well evaluation, CNOOC geochemical and basin
modelling experts provided excellent assistance in assessing the
critical elements of effective regional oil migration pathways,
leading to positive implications for the Topaz prospect. Based on
several oil discoveries in the area, CNOOC has identified the
following three key elements for effective regional oil
migration.
1. A deep sag for oil generation
2. A deep fault for efficient vertical migration that has
reactivated at the peak time of oil expulsion (10Ma)
3. A carrier bed for lateral migration to the prospect
Implications for the Topaz Prospect:
Post-well evaluation indicates the Topaz prospect has the
potential for oil charge from two kitchen/source rocks - the more
recently identified Baiyun North Sag and the Baiyun East Sag that
has been bio-marked as the proven source rock for CNOOC light oil
discoveries to the immediate West of Block 29/11 .
Baiyun North Sag is located within Block 29/11 immediately south
and down dip of the Topaz prospect and it has all three key
elements required for successful oil migration. It is a deep sag
that is in the timing and depth window for oil generation, and
Empyrean has identified a suitable deep fault for efficient
vertical migration that reactivated at the peak time of oil
expulsion approximately 10 million years ago (10Ma). Finally, a
thick carrier bed exists for lateral migration to the Topaz
prospect. This carrier bed has been confirmed during the drilling
of the Jade well and is mapped on Empyrean's 3D data set.
At the same time, the gas shows within the "gas cloud" zone in
the overburden at the Jade well are now interpreted to have
migrated from Baiyun North Sag via reactivation of a nearby fault,
approximately 800m away rather than coming from basinal faults
extending into Baiyun East Sag which is approximately 20km away.
The identification of this nearby fault that extends into the
Baiyun North Sag is now the most likely explanation for the gas
shows in the Jade well. This interpretation enhances the prospects
of Baiyun North Sag as a potentially valid additional source rock
and, in turn, the likelihood of the Topaz prospect having access to
two mature source rocks/kitchens.
Additionally, a CNOOC regional migration map indicates that
Topaz has potential for being charged from the proven Baiyun East
Sag via spill from the CNOOC discovery well LH 23-1d.
The information contained in this announcement has been reviewed
by Empyrean's Executive Technical director, Gaz Bisht, who has over
32 years' experience as a hydrocarbon geologist and
geoscientist.
Empyrean CEO, Tom Kelly, stated:
"Being able to combine our excellent quality 3D seismic data
with the confirmed well data and post well analysis has improved
the validity of the Topaz prospect as a robust and large drilling
target of approximately 891 million barrels in place (P10).
Empyrean looks forward to maximising the value from its interest in
the Mako Gas Field and positioning to drill the exciting Topaz
prospect. Empyrean has also started to assess a number of
additional oil and gas projects that it believes may enhance a
balanced portfolio of opportunity and will update shareholders as
required".
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) 20 7297 8900
Pete Lynch
Pearl Kellie
First Equity (Join Broker)
Jason Robertson Tel: +44 (0) 20 7330 1883
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