RE: e m e10 May 2022 23:15
Empyrean CEO, Tom Kelly, stated:
“CNOOC assistance is proving a defining step in better understanding the oil migration pathways in the area, and Empyrean is appreciative of CNOOC’s ongoing support.
We are aiming to complete the current post-drill analysis and comprehensive oil migration studies with a deep focus on oil migration pathways from CNOOC oil discovery LH16-2 towards Topaz in short order to enhance the prospectivity of Topaz as a world class large exploration target for the second phase of exploration in Block 29/11. This capital raising and debt restructuring will allow Empyrean to move forward with its plans to maximise the value at the Mako Gas field whilst completing a comprehensive analysis of all pre-drill and post-drill technical data to ensure that we proceed with the drill preparations at Topaz with due diligence and confidence