Business
Company Update
Company Update.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 2832L\n Empyrean Energy PLC\n 29 April 2020\n \n \n \n \n \n \n \n \n \n \n Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil & Gas\n \n \n \n \n \n Empyrean Energy plc\n \n \n \n \n \n Company Update\n \n \n \n \n \n Empyrean Energy (\"Empyrean\" or the \"Company\"), the oil and gas development company with interests in China, Indonesia and the United States, provides the following general update on operations.\n \n \n \n \n \n Duyung PSC, Indonesia\n \n \n \n \n \n Further to the announcement on 14 April 2020 regarding the upgrade of internal resource estimates for the Mako gas field, which forms part of the Duyung PSC in the West Natuna basin, offshore Indonesia (the \"Mako Gas Field\"), the Company is pleased to report that further significant progress has been made with the operator of the project, Conrad Petroleum Limited (\"Conrad\"), successfully being able to present all aspects of the project to Gaffney Cline and Associates (\"GCA\"). This progress has been achieved in spite of the challenges presented by travel restrictions and other COVID-19 related measures. The Company anticipates that there are now no major impediments to GCA being able to complete its update of resources for the Mako Gas Field over the coming weeks. Empyrean will provide a summary of the GCA findings in due course when the report becomes available.\n \n \n \n \n \n Block 29/11, China\n \n \n \n \n \n The Company is also pleased to report that excellent progress has been made on the seismic inversion work on which the Company has engaged China Offshore Services Limited (\"COSL\") to assist with technical work and data processing and which is expected to better define the reservoir rocks at the Company's two primary prospects, Jade and Topaz. This technical work and data processing are now complete and the Company is in the process of analysing the resulting data and anticipates being in a position to update shareholders on the results of this work in the next few weeks.\n \n \n \n \n \n Open Offer\n \n \n \n \n \n The Company announced on 22 April 2020 that it had launched an Open Offer to qualifying shareholders to apply for up to 57,417,375 new ordinary shares at 3.5p per share on the basis of 1 new share for every 8 existing shares already...