logo-loader
viewEmpyrean Energy PLC

Empyrean Energy reveals estimate upgrade for China prospects

“The work done by GCA certainly supports Empyrean's view on the potential size and attractiveness of these prospects"

oil and gas operations
It was a 9% upgrade

Empyrean Energy PLC's (LON:EME) Pearl River Mouth Basin asset in China, has been estimated to contain 884mln barrels of oil potential.

The new estimate was produced by Gaffney, Cline & Associates (GCA). It covers the Jade, Topaz and Pearl prospects, and, it represents a 9% upgrade from a prior estimate of 814mln barrels.

READ: Canada’s US$1.3bn exploration boost bodes well for Ireland’s nascent oil frontier

GCA also estimated a Geological Chance of Success of Jade and Topaz prospects, at 32% and 30% respectively.

"The independent review of three prospects, recently undertaken by GCA, is very encouraging and supports the work undertaken internally by Empyrean,” said Tom Kelly, Empyrean chief executive.

“It is particularly pleasing to see that the Jade and Topaz prospects are expected to have close to a 1-in-3 chance of geological success and over a billion barrels of potential oil-in-place, combined, on a P10 basis un-risked.”

Kelly added: “By industry standards, these numbers are excellent.

“The work done by GCA certainly supports Empyrean's view on the potential size and attractiveness of these prospects.

“We are excited by the increased potential of Block 29/11 and of the attractive GCoS of our two main prospects, in particular.

“We made a determined effort to secure Block 29/11 in 2016 and have made a significant investment and commitment. It is pleasing to see independent expert validation of a major component of our work so far as we work towards unlocking value for our shareholders.”

Quick facts: Empyrean Energy PLC

Price: 5.6 GBX

AIM:EME
Market: AIM
Market Cap: £26.39 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Salt Lake Potash CEO says securing debt and equity package is 'massive last...

Salt Lake Potash Ltd's (ASX:SO4) (LON:SO4) Tony Swiericzuk speaks to Proactive London's Andrew Scott following news of its A$203 million debt financing package and A$98.5 million fully underwritten equity raising which sees the Lake Way Sulphate of Potash (SOP) Project fully funded. He says the...

18 hours, 23 minutes ago

2 min read