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Independent Oil in-place Estimates for Block 29/11
Independent Oil in-place Estimates for Block 29/11.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8893G Empyrean Energy PLC 09 November 2018 \n\nThis announcement contains inside information\n \nEmpyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas\n9 November 2018\nEmpyrean Energy PLC (\"Empyrean\" or the \"Company\")\n \n \nGaffney Cline & Associates review of Oil in-place\nEstimates completed for Prospects in Block 29/11,\nPearl River Mouth Basin, offshore China \n \nEmpyrean Energy (EME: AIM), the oil and gas development company with interests in China, Indonesia and the United States, is pleased to announce that Gaffney, Cline & Associates (\"GCA\"), an independent petroleum advisory firm, has completed its independent audit of the Company's oil initially in place estimates over the Jade, Topaz and Pearl prospects identified in Block 29/11, Pearl River Mouth Basin, offshore China, in which the Company has a 100% working interest (the \"STOIIP Audit\") .\n \nHighlights\n \n· Total Mean Oil in-place increased 9% to 884 MMbbl from 814 MMbbl on an un-risked basis\n· GCA's estimates of Geological Chance of Success of Jade and Topaz prospects is 32% and 30% respectively\n· The independent assessment validates the Company's internal estimates announced in June 2018\n· The total P10 estimates increased 47% to 1588 MMbbl from 1081 MMbbl on an un-risked basis\n \nEME requested that GCA undertake the STOIIP Audit and an assessment of the geological chance of success (\"GCoS\") of the three prospects identified on Block 29/11 following comprehensive internal processing and interpretation of the 608km2 of 3D seismic data that the Company successfully acquired in 2017. The Company completed this initial internal exercise in respect of processed data in June 2018 using both internal technical capabilities, provided by experienced geoscientist, Gaz Bisht, and an additional expert consultant geophysicist, with the results announced on 6 June 2018 (shown in Table 1 below).\n \nGCA's audit primarily consisted of reviewing, checking and validating the available data and existing interpretations and auditing the technical work that has been performed by EME and its contractors.\n \nGCA used a probabilistic method to generate its results and estimated...