Projects Update

RNS Number : 5798G

Empyrean Energy PLC

30 May 2017

 

Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas

30 May 2017

Empyrean Energy PLC ('Empyrean' or 'the Company')

Projects Update

DUYUNG PSC INDONESIA

The Company announced on 12 May 2017 that it had completed the acquisition (the "Acquisition") of a 10 per cent. interest in West Natuna Exploration Ltd ("WNEL") from Conrad Petroleum Pte Ltd ("Conrad") and that Empyrean and Conrad had agreed an amendment to the original terms of the Acquisition which extended the long-stop date for payment of consideration of US$2 million in respect of an additional 10 per cent interest in WNEL (the "Further Consideration") to 26 May 2017.

The Company has chosen not to increase its interest in WNEL to 20%, thus its interest remains at 10%.

Planning for the Mako South-1 well is on track and Conrad has advised the Company that the well is anticipated to spud in mid-to late-June 2017.

Further updates will be provided as operations progress.

BLOCK 29/11 CHINA

The Company is pleased to advise that preparations and permitting are well underway for the 3D seismic programme that the Company is undertaking over 500km2 of Block 29/11 ("Block 29/11" or the "Permit"), located in the Pearl River Mouth Basin, offshore China. Block 29/11 is an offshore permit that is located approximately 200km South East from Hong Kong in seabed depths ranging from 340-600m. The Permit is directly South of the largest oil field in the Pearl River Mouth Basin and is approximately 1800km2 in area.

The 3D seismic acquisition is expected to commence in June 2017 and further updates will be provided in due course.

Empyrean has a 100% working interest in this asset, during the exploration phase, with the China National Offshore Oil Corporation ("CNOOC") having a back in right of 51% in the event of a commercial discovery.

SACRAMENTO BASIN CALIFORNIA

Definitive documentation including Farm-in and Joint Operating Agreements are currently being drafted. Planning and permitting for the Dempsey-1 well is progressing and the well is currently anticipated to spud during July 2017. Empyrean is earning a 25% working interest in the Dempsey Project.

In addition, Sacgasco Limited (ASX:SGC) is presently continuing leasing efforts over at least three Dempsey lookalike prospects on behalf of the Joint Venture.

**ENDS**

Empyrean Energy plc
Tom Kelly	Tel: [phone]
Cenkos Securities plc
Neil McDonald	Tel: [phone]
Beth McKiernan	Tel: [phone]
Nick Tulloch	Tel: [phone]
St Brides Partners Ltd
Lottie Brocklehurst	Tel: [phone]
Olivia Vita	Tel: [phone]

 

END

 

 

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