Empyrean Energy plc announced that the Integrated Drilling Contract (IDC) for the drilling of the Jade prospect exploration well on Block 29/11, offshore China, has been executed by Empyrean and China Oilfield Services Limited ("COSL"). HIGHLIGHTS: IDC Signed by Empyrean and COSL with targeted well spud date late December 2021; Drilling rig availability confirmed and all technical, commercial and contractual terms agreed; IDC confirms the significantly reduced drilling cost estimate of USD 12.3 million (previous estimate USD 18.5 million), plus a success-based testing cost estimate of USD 7.4 million; Empyrean will now pay the 10% deposit (USD 1.23 million) under the terms of the IDC; Drilling rig availability has been confirmed, the Geological Programs agreed and the Well Site Survey contract awarded; Progression of the various permits required to drill are progressing on schedule with CNOOC EnerTech-Drilling & Production Co ("CNOOC EnerTech") engaged to manage a number of critical pre-drilling permitting and logistical requirements.