We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Empyrean Energy Plc | LSE:EME | London | Ordinary Share | GB00B09G2351 | ORD 0.2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.085 | -15.74% | 0.455 | 0.40 | 0.51 | 348,720 | 16:35:08 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Oil And Gas Field Expl Svcs | 0 | -20.8M | -0.0211 | -0.26 | 5.32M |
TIDMEME
RNS Number : 4848C
Empyrean Energy PLC
01 October 2018
This announcement contains inside information
Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas
01 October 2018
Empyrean Energy PLC ("Empyrean" or the "Company")
Petroleum Contract for Block 29/11 signed
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.
**ENDS**
For further information:
Empyrean Energy plc Tom Kelly Tel: +61 8 9380 9920 Cenkos Securities plc Neil McDonald Tel: +44 (0) 131 220 9771 Beth McKiernan Tel: +44 (0) 131 220 9778 St Brides Partners Ltd Lottie Wadham Tel: +44 (0) 20 7236 1177 Frank Buhagiar Tel: +44 (0) 20 7236 1177
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
MSCUAOBRWBARRRA
(END) Dow Jones Newswires
October 01, 2018 03:40 ET (07:40 GMT)
1 Year Empyrean Energy Chart |
1 Month Empyrean Energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions