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Empyrean Energy PLC - oil and gas explorer in China, Indonesia and California - Awards contract for the well site survey over the Jade prospect to China Oilfield Services Ltd on Block 29/11, offshore China. The survey is scheduled to commence in late October.
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 Co, may assume a 51% participating interest in the development and production phase, it notes.
"The well site survey contract award marks an important and crucial milestone towards conducting of a safe drilling operation in mid-December 2021. We are thankful to both CNOOC and COSL who both have enabled detailed discussions and timely approval during our planning process. December 2021 is shaping up as an important event in the corporate history of this company," says Chief Executive Officer Tom Kelly.
Current stock price: 7.35 pence, up 20% on Tuesday
Year-to-date change: up 52%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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