LONDON (Alliance News) - Empyrean Energy PLC said Wednesday it has engaged consultancy Gaffney Cline & Associates to undertake an audit of oil estimates for Jade, Topaz and Pearl prospects located in Block 29/11 in the Pearl River Mouth Basin, China.
The oil and gas consulting agency will undertake a third-party independent audit of oil initially in place estimates over the Jade, Topaz and Pearl prospects, the company said. Internal company estimate has indicated total preliminary prospective resources estimate of 774 MMbbl for the three prospects.
"The third-party Independent STOIIP Audit of the Block 29/11 prospects is an important process to provide independent confirmation of the potential of these large prospects. We look forward to updating the market with GCA's findings as soon as they come to hand," said Empyrean Chief Executive Officer Tom Kelly.
The audit over the three prospects is expected to be completed by October.
Shares in Empyrean Energy were trading 13% lower at 9.70 pence each on Wednesday afternoon.
Empyrean (EME)