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Empyrean Energy PLC - oil & gas explorer and producer with assets in China, Indonesia and US - Says the Jade prospect at its 100% owned Block 29/11 permit, offshore China, reached final total depth but logging indicated no oil pay in the target reservoir. "We are extremely disappointed with the results of the well, particularly after conducting a systematic and comprehensive technical analysis followed by running a safe drilling operation," says Chief Executive Tom Kelly.
It notes, 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. Says current operations are running final logs before commencing demobilisation of the NH-9 rig
Current stock price: 2.30 pence, down 74% on Wednesday
12-month change: down 59%
By Paul McGowan; paulmcgowan@alliancenews.com
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