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Drilling Contract Executed for Jade Prospect
Drilling Contract Executed for Jade Prospect.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0786S\n Empyrean Energy PLC\n 11 November 2021\n \n \n \n \n This announcement contains inside information\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 Block 29/11, China -Empyrean and COSL Execute Final Drilling Contract for Jade Prospect \n \n \n \n \n \n 11 November 2021\n \n \n \n \n \n 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 advise that the Integrated Drilling Contract (\"IDC\") for the drilling of the Jade prospect exploration well on Block 29/11, offshore China, (the \"Jade Prospect\") has been executed by Empyrean and China Oilfield Services Limited (\"COSL\"). \n \n \n \n \n \n \n \n \n HIGHLIGHTS\n \n \n \n \n \n · \n \n IDC Signed by Empyrean and COSL with targeted well spud date late December 2021\n \n \n \n · \n \n Drilling rig availability confirmed and all technical, commercial and contractual terms agreed \n \n \n \n · \n \n IDC confirms the significantly reduced drilling cost estimate of US$12.3m (previous estimate US$18.5m), plus a success-based testing cost estimate of US$7.4m\n \n \n \n · \n \n Empyrean will now pay the 10% deposit ($US1.23m) under the terms of the IDC\n \n \n \n · \n \n Drilling rig availability has been confirmed, the Geological Programs agreed and the Well Site Survey contract awarded\n \n \n \n · \n \n Progression of the various permits required to drill are progressing on schedule with \n \n \n CNOOC EnerTech-Drilling & Production Co (\"CNOOC EnerTech\") engaged to manage a number of critical pre-drilling permitting and logistical requirements\n \n \n \n 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.\n \n \n As previously announced in September 2021, the Company and COSL agreed all technical, commercial and contractual terms and COSL confirmed rig availability and a target spud date of 15 December to 30 December 2021 for the Jade Prospect. The Geologic...