Empyrean Energy Share Discussion Threads

[starzerus] 07/3/2022 08:08

Happy Birthday Owen.

[10owen] 07/3/2022 08:07

What a 70th birthday present that was.Who told TK it was today?Gla.

[los ricos] 07/3/2022 08:07

Well done blue on the info !

[starzerus] 07/3/2022 08:05

Empyrean Energy plc ("Empyrean" or the "Company"), the oil and gas development company with interests in China, Indonesia and the United States, is pleased to provide the following update on preparations to drill the Jade prospect at its 100% owned Block 29/11 permit, offshore China (the "Jade Prospect"):

HIGHLIGHTS

-- China Oilfield Services Limited ("COSL") has successfully completed the well site survey required over the Jade Prospect drilling location

-- The completion of the well site survey enables the prompt lodging of the final permit application required to drill the Jade Prospect

-- All other permits required to drill the Jade Prospect have been obtained and finalised

-- Empyrean is now in further discussions to finalise drill rig availability and an anticipated spud date for the Jade Prospect well

-- Early discussions with both COSL and CNOOC regarding a drilling slot using the NH9 rig, which is currently drilling a well for CNOOC in the region, have been positive and an update on scheduling is expected shortly

Empyrean is the operator of Block 29/11 in China and has 100% working interest during the exploration phase. In the event of a commercial discovery, its partner, China National Offshore Oil Company ("CNOOC"), may assume a 51% participating interest in the development and production phase.

After a sustained period of unsuitable weather, the Company is extremely pleased to confirm that the COSL survey team has taken advantage of a small operable weather window and has successfully completed the well site survey at the Jade Prospect. The survey included a number of gravity samples and an analogue survey over the Jade Prospect drill location and rig anchoring points.

While the Company awaited suitable weather conditions over the past months the CNOOC EnerTech team has been working efficiently and has secured seven of the eight critical pre-drilling permits. With the completion of the well site survey the Company can now quickly lodge the application for the final permit to drill the Jade Prospect.

Empyrean is now in discussions to confirm a final drill rig slot using the COSL owned NH9 rig that is currently drilling a well for CNOOC in the region and expects to announce the targeted spud date for the Jade Prospect well as soon as these negotiations complete and scheduling becomes clear.

The Jade Prospect

The 2021 drilling campaign is targeting a world class conventional oil target in the Jade Prospect, to which Gaffney Cline & Associates ("GCA") assigned a Geological Chance of Success ("GCoS") of 32%. Subsequent to this independent assessment, the Company completed a gas cloud study and post stack seismic inversion study that it believes further mitigates risk and increases the GCoS to 41%.

The Jade Prospect has a GCA audited mean in place potential of 225 MMbbl and a P10 in place upside of 395 MMbbl. Four recent nearby discoveries by CNOOC immediately to the West of the Jade Prospect are filled to their P10 potential or better. All four CNOOC discoveries have gas clouds showing in the overburden on seismic.

Empyrean's excellent quality 3D seismic indicates that there is a classic "fill to spill" geological setup in the basin, and a robust regional seal, that provides the Jade and Topaz Prospects with a very real possibility of being filled in a similar fashion to nearby discoveries. The Jade and Topaz prospects both have gas clouds, similar to nearby discoveries, in the overburden on 3D seismic. Dry wells nearby do not have gas clouds. The Jade Prospect is the first of the three identified prospects within Block 29/11, which also contains the Topaz and Pearl prospects. The combined audited mean in place potential of all three prospects is 884 MMbbl and a P10 in place upside of 1,588 MMbbl. The post stack seismic inversion study showed Jade and Topaz both have the potential for excellent carbonate buildup reservoir quality with excellent porosity and permeability. Any oil discovered is expected to be light oil in the 38-41 API range, similar to nearby discoveries. These attributes combined with the potential for exceptional natural reservoir drive supports the potential for excellent recovery rates.

The information contained in this announcement has been reviewed by Empyrean's Executive Technical director, Gaz Bisht, who has over 31 years' experience as a hydrocarbon geologist and geoscientist.

Empyrean CEO, Tom Kelly, stated:

"We are delighted that the COSL survey team has been able to complete the well site survey, given the sustained unfavourable winds and swells encountered over the past 6 months. This now enables the completion of the permitting process with the survey report being the final box to tick. Over the past few months the Empyrean, COSL and CNOOC EnerTech teams have been hard at work to finalise all required permits to drill the high impact and exciting Jade Prospect. With the completion of the well site survey the Company can now quickly lodge the application for the final of the eight required permits to drill the Jade Prospect. As advised previously, the Jade Prospect looks to be one of the highest impact exploration wells scheduled for 2022, globally. Again, I would like to thank COSL and CNOOC for their continued excellent support and cooperation throughout this process."

For further information please contact the following:


Empyrean Energy plc
Tom Kelly Tel: [phone]

[stewart4990] 07/3/2022 08:05

Yes job done, great news well done Tom and Gaz

[pacman9] 07/3/2022 08:04

Think we might be getting vessels mixed up. The one you mention JB is not the same name exactly as Blue over on LSE. The one Blue was tracking was definatley over Jade this weekend.

[judijudi] 07/3/2022 08:04

Yeeeeeehhhaaaaa 👊

[go_baby_go] 07/3/2022 07:58

wow Brent $128

[jamesiebabie] 07/3/2022 07:44

Buzzzz - we don't.

[buzzzzzzzz] 07/3/2022 07:36

How do we know 721 is our boat?

[jamesiebabie] 07/3/2022 07:33

I forgot to say; I'd be happy to be wrong.

[jamesiebabie] 07/3/2022 07:19

Blue - not sure that is our vessel; it's in port. Image is of your vessel.

721 is still in the Bermuda triangle.

[blakieboy7] 07/3/2022 02:01

htTps://oilprice.com/Energy/Oil-Prices/Oil-Prices-Break-130-As-EU-And-US-Allies-Consider-Ban-On-Russian-Oil.amp.html

[blakieboy7] 06/3/2022 21:11

From LSE just now - Sadly Blue, there's been no update on the AIS position since early this morning so the charts still show it at the earlier posted location. Can be seen that the waves have now picked up & are above 1.7m & that will be quite choppy for next couple of days so the suspicion is that it may now have departed. Estimated though it got c.44hrs of operational status and suspect that this was the second time it had been on location. Fingers crossed that it's achieved the required surveys needed for the remaining permits. Could be an interesting week.

[ride daice] 06/3/2022 14:52

Top Trumps Survey Vessel Edition.

[judijudi] 06/3/2022 11:33

Is this the one?

[bluehooperman] 06/3/2022 10:38

Survey vesselThe vessel arrived on sight late Friday night then stopped at 01:22 (UK time) & has done some slow cruises around Jade since then. So now been operating on site for approximately 36hrs.Not verified who owns the research/survey vessel.Marine Traffic has it named as HAIYANG DIZHI 18HAO.Will try investigate further, when back home later today,But pleased to see such vessel doing operational work on Jade.

[noobiedoobie] 06/3/2022 08:20

Topped up January February March. Holding long term now and adding as needed

[soggy] 06/3/2022 08:08

Thanks Blue-h! Sounds like it's finally happening. If it is doing our survey it should be done by the end of the week I guess, and that should allow Tom to announce progress and maybe even a spud date.Let the good times roll!

[bluehooperman] 06/3/2022 08:02

RE: Survey vesselToday 05:16Survey vessel #18HaoPosition updated 37mins ago:20.51699N & 115.775E(still operating over the top of Jade

[lowsulpher1] 05/3/2022 21:41

Hope your right Bluehooperman lets hope the survey is complete and an announcement next week.

[bluehooperman] 05/3/2022 20:25

RE: Survey vesselToday 16:47The research/survey vessel Hai Yang Di Zhi Shi Haocurrently sitting on top of Jade.