Business
Second phase of exploration for Topaz Prospect
Second phase of exploration for Topaz Prospect.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\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 \n \n \n Empyrean Energy plc\n \n \n \n \n \n \n \n Block 29/11, China - Decision to enter second phase of exploration for drilling Topaz Prospect\n \n \n \n \n \n \n 10 June 2022\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 provide the following update on the completion of post well analysis and entering the second phase of exploration and drilling the Topaz prospect at its 100% owned Block 29/11 permit, offshore China.\n \n \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. The second phase of exploration requires the payment to CNOOC of US$250,000 and the work obligation is the drilling of an exploration well within 2 years.\n \n \n \n \n \n \n HIGHLIGHTS\n \n \n \n \n \n \n \n \n ·\n \n Post-well analysis confirmed reservoir quality better than pre-drill estimate with regional seal confirmed and depth conversion approach validated\n \n \n \n ·\n \n As a part of post-well evaluation, CNOOC geochemical and basin modelling experts provided excellent assistance in interpreting the critical elements of effective regional oil migration pathways-leading to positive implications for the Topaz prospect\n \n \n \n ·\n \n Based on post drill technical evaluation, and CNOOC-assisted migration pathways assessment, Empyrean has decided to enter the second phase of exploration and drill the Topaz prospect\n \n \n \n \n \n \n \n Jade well results analysis:\n \n \n \n \n \n \n \n \n Comprehensive post well analysis confirmed the Jade well carbonate reservoir parameters are better than pre-drill estimates with total thickness of 292m and porosity in the range of 25 to 27%. In addition, the Jade well penetrated thick and effective regional seal facies and the reservoir top was encountered within the depth conversion range. These parameters can now b...