17:00 Wed 03 Jun 2020
Empyrean Energy PLC - Extension agreed for first phase at Block 29/11
This announcement contains inside information
12-month extension for first phase exploration drilling at Block 29/11,
Highlights
· 12-month extension to the first phase of exploration on Block 29/11
· The Company now has until
· However, the Company remains committed to safely drilling its first well as soon as practicable
Due to the COVID-19 pandemic and the resultant global control policies, the Company proactively engaged with
The Company is pleased to announce that CNOOC has now granted a 12-months extension to the first phase of exploration. As a result, the first phase of the exploration period for the Petroleum Contract for Block 29/11 has been extended to
The exploration commitment for the first phase of exploration is to drill an exploration well. The Company is taking all necessary steps for safely drilling the first exploration well on Block 29/11 as soon as practicable.
Empyrean CEO,
"This 12-month extension is a further example of the excellent cooperation and understanding between CNOOC and Empyrean. The extension provides enormous de-risking and flexibility with respect to the planning and drilling of the first phase exploration well in Block 29/11 without having to invoke force majeure. COVID-19 has made many operations unsafe and uncertain, especially travel, and this extension provides the flexibility for a much safer approach to our operations. It is Empyrean's intention to drill this first exploration well as soon as practicable and we continue to take proactive steps towards a safe drilling operation in
For further information please contact the following:
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Tel: +61 8 6146 5325 |
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Cenkos Securities plc |
Tel: +44 (0) 131 220 9771 Tel: +44 (0) 131 220 9772 |
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