Business
Upgraded Internal Geological Chance of Success
Upgraded Internal Geological Chance of Success.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1084V\n Empyrean Energy PLC\n 12 April 2021\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 - upgraded Internal Geological Chance of Success\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 upgraded internal assessment of Geological Chance of Success (\"GCoS\") at its Jade and Topaz prospects on Block 29/11, offshore China (\"Block 29/11\").\n \n \n \n \n \n HIGHLIGHTS\n \n \n \n \n \n · \n \n Internal assessment of GCoS for Jade upgraded from 32% to 41%\n \n \n \n · \n \n Internal assessment of GCoS for Topaz upgraded from 30% to 35%\n \n \n \n \n \n \n On 9 November 2018, Empyrean announced the results of an independent review of oil in place estimates and GCoS for its priority prospects on Block 29/11 offshore China. The report was prepared by Gaffney Cline and Associates (\"Gaffney Cline\") and included a GCoS for the Jade and Topaz prospects of 32% and 30% respectively. \n \n \n \n \n \n Following the Gaffney Cline report, Empyrean announced the results of an internal study on 15 May 2019 which established that nearby CNOOC oil discoveries all had well-defined 'gas clouds' limited to the areas immediately above the targeted prospects, whereas nearby dry wells did not. The study also established that the Company's Jade and Topaz prospects both have similar gas clouds that are clearly visible in the 3D seismic data, which is of excellent quality. This technique has been successfully used as a hydrocarbon indicator in a number of prominent hydrocarbon basin discoveries worldwide. As a result, the study reduces the risk associated with hydrocarbon charge, and therefore increases the GCoS of the Block 29/11 prospects.\n \n \n \n \n \n Subsequent to the gas cloud study, the Company has continued its work to mitigate technical risk in relation to the Jade and Topaz prospects. On 21 May 2020, the Company announced the findings of a post stack seismic inversion study. This study confirmed the potential for excellent quality carbonate reservoir rocks with favourable porosities at both prospects. The study reduced the...