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Empyrean Energy PLC - Western Australia-based oil & gas explorer and producer with assets in China, Indonesia and US - Enters second phase of exploration and drilling at the Topaz prospect in offshore China. It says the second phase of exploration requires the firm to pay USD250,000 to its partner China National Offshore Oil Co.
Empyrean says its decision is based on post drill technical evaluation, and CNOOC-assisted migration pathways assessment. Post-well evaluation indicates the Topaz prospect has the potential for effective regional oil migration. Additionally, a CNOOC regional migration map indicates that Topaz has potential for being charged from the proven Baiyun East Sag source rock via spill from the CNOOC discovery well LH 23-1d.
Empyrean Energy Chief Executive Officer says: "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. 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."
Empyrean is the operator of Block 29/11 in China and has 100% working interest during the exploration phase.
Current stock price: 1.42 pence, up 2.4% on Friday
12-month change: down 77%
By Xindi Wei; xindiwei@alliancenews.com
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