Empyrean Energy: Oil Migration Study Completed - Block 29/11 Offshore China

  • Large Jade and Topaz prospects interpreted to be potenally filled from at least two different pathways
  • Large Pearl prospect interpreted to be filled via a pathway from the large oil field to the North
  • Proven Baiyun Sag East ("BSE") basin interpreted to have oil migraon pathway to Block 29/11
    3D seismic data idenfied a new small sag that has been named Baiyun Sag North ("BSN") and is located enrely within Block 29/11 between the Jade and Topaz prospects
  • A convincing "seismic e" with addional migraon pathways has been established between the 2013 CNOOC Limited ("CNOOC") oil discovery LH 23-1d-1, immediately west of Block 29/11, and the Jade prospect
  • The Study has established valid drilling targets that are of significant size with relavely low geological risk

Empyrean Energy (EME: AIM), the oil and gas development company with interests in China, Indonesia and the United States, is pleased to announce that a comprehensive oil migraon study ("the Study") encompassing China Block 29/11, for which it holds 100% exploraon rights, has now been completed and has established potenal oil migraon pathways into the Jade, Topaz and Pearl prospects.

The Study was supported by geosciensts from CNOOC (Shenzhen branch) who shared the comprehensive viewpoints of their previous study in this area.

The Study established the maturity profile of source rock, and confirmed that the source rock in the BSE area was at peak maturity when oil expulsion commenced. The main implicaons for Block 29/11 prospecvity are interpreted to be very posive with the enre source rock within BSE interpreted to have produced hydrocarbons. In addion, any potenal oil accumulaon in Block 29/11 prospects are expected to be light and therefore similar to the oil discoveries around Block 29/11 that range from 33-38 API.

The Study also validated the interpreted oil migraon pathways from the known oil sources of the Enping Formaon (Paleocene aged) within the BSE into the several oil discoveries made by CNOOC to the immediate West and South of Block 29/11 since 2010, and thus provided strong evidence of a prolific petroleum system in the area. At the same me, the Study interprets effecve migraon pathways from BSE towards the northern flank of the Baiyun upli where the Jade and Topaz prospects are located.

In addion, 28km2 of 3D seismic data that was acquired outside Block 29/11 over the 2013 CNOOC oil discovery LH 23-1d-1 which is located 8km west of the Jade prospect, has helped confirm potenal "fill-and-spill" pathways to the Jade structure from the oil discovery. Whilst early exploraon techniques such as this are no guarantee of exploraon success, the Company believes that this form of "seismic e" to a nearby known discovery helps to reduce the risks associated with exploraon and provides an improved understanding of the geology in the basin and within Block 29/11.

Comprehensive interpretaon of the 2017 3D seismic data has helped map a new sub-basin called Baiyun Sag North. BSN is located between the Jade and Topaz prospects and is located enrely within Block 29/11. The Study confirms a potenal effecve migraon pathway from BSN into the Jade and Topaz prospects.

The Study also indicates that the Pearl prospect is potenally located in a migraon shadow for oil migrang from BSE or BSN. As a result, further work has been done focussing on the possibility of migraon from the Huizhou Sag located NW of Block 29/11. The Liuhua 11-1 field complex that contained an esmated 1.1 billion barrels of oil is located immediately North of Block 29/11 and has been interpreted to have received oil from Huizhou Sag. Addional work completed now indicates that the Pearl prospect is located favourably for receiving oil charge from Huizhou Sag.

Empyrean CEO Tom Kelly commented, "The findings from this oil migraon study are very promising with effecve potenal oil migraon pathways established into all three of our prospects on Block 29/11. Interpretaon of the potenal effecve migraon pathways from the established kitchen area - Baiyun Sag East - as well as from the new kitchen area - Baiyun Sag North - into Block 29/11 helps increase our overall understanding of the geology of the block and the Jade and Topaz prospects in parcular. The addional work has also confirmed a potenal oil migraon pathway from the Liuhua 11-1 field complex to the Pearl prospect.

"We have been rigorous with the pre-drill subsurface data and exploraon tools available to us and we believe that the detailed and comprehensive technical work we have completed to date significantly reduces the geological risks to a point where we have established excellent drilling targets that are of significant size with relavely low geological risk."

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