Empyrean Energy plc has announced that it has been awarded a permit for 100% of the exploration rights for Block 29/11, located in the Pearl River Mouth Basin, offshore China, following a successful application to the China National Offshore Oil Corporation (‘CNOOC’). Empyrean will be the operator of the Permit during the exploration phase of the Permit.

Highlights:

• Excellent location - offshore permit located approximately 200km South East from Hong Kong in seabed depths ranging from 340-600m and directly South of a large producing field.
• On trend with additional recent discoveries immediately to the West and South.
• Two existing exploration prospects, Jade and Topaz, mapped with multi-vintage 2D seismic.
• Upside potential - a further ten leads have also been mapped that require follow up exploration work.
• Extensive permit area – approximately 1,800 km².
• Work programme required for the first 24 months is anticipated to be funded by existing cash resources.
• Empyrean will acquire and complete processing and technical evaluation of 500 km2 of 3D seismic data.

Empyrean CEO Tom Kelly says, “To have been granted a permit of this size and located on trend to existing large discoveries is a real coup for the Company which follows hot on the heels of our sale of the Sugarloaf AMI Project and subsequent return of value to shareholders. The Permit represents a fantastic opportunity for Empyrean, given its significant resource potential and the presence of two large and relatively mature drilling prospects, Jade and Topaz. Therefore, we look forward to advancing these, as well as additional targets identified, alongside Gaz Bisht, who has a very thorough understanding of the region via his previous extensive work in the region.”

“We also acknowledge and thank the CNOOC team for the consideration of our bid proposal and we look forward to working with CNOOC to unlock potential value within the Permit area,” adds Kelly.

Tags: Empyrean Energy Plc