Press

Empyrean Energy Signs a Petroleum Contract for Block 29/11

Posted by OilVoice Press - OilVoice

02-Oct-2018


Empyrean Energy (EME: AIM), the oil and gas development company with interests in China, Indonesia and the United States, is pleased to announce that it has signed the Petroleum Contract (“PSC”) with CNOOC for Block 29/11 on 30 September 2018. The date of Commencement of the Implementation of the PSC is 13 December 2018. The first phase of contract (‘Phase 1') is for 2.5 years with a commitment to drill one exploration well to a depth of 2,500m or to the Basement Formation. The Company has a 100% working interest. Upon a commercial discovery CNOOC has the right to participate in up to 51% working interest.

EME had entered into a Geophysical Service Agreement (GSA) with CNOOC on 13 December 2016 and successfully completed the work program required under the GSA phase ahead of the required timeframe. The GSA entitled Empyrean an option to subsequently enter into the PSC on pre-agreed terms.

3D seismic data acquired under the GSA commitment, helped mature three material size prospects. Following a comprehensive oil migration study, the Jade and Topaz prospects are now considered high priority and drill ready. The following table shows the Company's internal assessment of prospective resources, that are currently being independently assessed by expert consultants, Gaffney Cline and Associates.

Block 29/11, China

EME Gross Prospective (un-risked) Resources MMbbl*

Prospect

Low Case

Best Case

High Case

Jade

110

183

320

Topaz

298

431

631

Pearl

105

152

220

Under the PSC, EME has the option of entering Phase 2 after relinquishing 25% of the current area. Phase 2 has a commitment of drilling one additional exploration well to a depth of 2,500m or to the Basement Formation within a further 2-year timeframe.

Empyrean CEO Tom Kelly commented, “Entering into the PSC marks an important milestone for the Company with regards Block 29/11.  Tenure is now secured on Block 29/11 for 2.5 years. We are looking forward to drilling one of the exciting, potentially company transformational prospects that we have identified via the recently acquired 3D seismic. Alternatives for drilling our first well on Block 29/11 within the 2.5 year time frame are open, with farm-out, sale of an asset or alternative fund raising all being considered.”

This report has been reviewed by Empyrean's Executive Technical director, Gaz Bisht, who has over 29 years' experience as a hydrocarbon geologist and geoscientist.



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Empyrean EnergyAIMpetroleumCNOOCChina

More items from oilvoice


Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 2 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 7 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 7 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 7 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11

Total Announces the Distribution of its Second 2018 Interim Dividend

The Board of Directors met on December 12, 2018 and declared  the distribution of a second interim dividend for the 2018 fiscal year of €0.64 per share, in accordance with the Board's decision of July 25, 2018, an amount equal to the first 2018 interim dividend and an increase of 3.2% compared to t ...

OilVoice Press - OilVoice


Posted 7 months agoPress > TotalDividend
All posts from oilvoice