Empyrean Energy PLC - oil & gas explorer and producer with assets in China, Indonesia and US - Says drilling operations at its LH 17-2-1 well at its Jade prospect, offshore China continue to run "smoothly". Adds that progress to date is on schedule. Confirms that the drilling results have validated the pre-drill interpretation of seismic data. This includes the presence of gas clouds over the Jade as well as the Topaz prospects. Upgrades its internal geological chance of success over the Jade prospect to 65% from 41% and over the Topaz prospect to 47% from 35%.
Current stock price: 11.50 pence, up 13% on Tuesday
12-month change: more than doubled from 4.80p
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Empyrean (EME)