Empyrean Energy PLC - Western Australia-based oil & gas explorer and producer with assets in China, Indonesia and US - Enters second phase of exploration and drilling at the Topaz prospect in offshore China. It says the second phase of exploration requires the firm to pay $250,000 to its partner China National Offshore Oil Co.

Empyrean says its decision is based on post drill technical evaluation, and CNOOC-assisted migration pathways assessment. Post-well evaluation indicates the Topaz prospect has the potential for effective regional oil migration. Additionally, a CNOOC regional migration map indicates that Topaz has potential for being charged from the proven Baiyun East Sag source rock via spill from the CNOOC discovery well LH 23-1d.

Empyrean Energy Chief Executive Officer says: ‘Being able to combine our excellent quality 3D seismic data with the confirmed well data and post well analysis has improved the validity of the Topaz prospect as a robust and large drilling target of approximately 891 million barrels in place. Empyrean has also started to assess a number of additional oil and gas projects that it believes may enhance a balanced portfolio of opportunity, and will update shareholders as required.’

Empyrean is the operator of Block 29/11 in China and has 100% working interest during the exploration phase.

Current stock price: 1.42 pence, up 2.4% on Friday

12-month change: down 77%

Copyright 2022 Alliance News Limited. All Rights Reserved.