Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. Empyrean Energy Plc
  6. News
  7. Summary
    EME   GB00B09G2351

EMPYREAN ENERGY PLC

(EME)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Empyrean Energy plc Block 29/11, China, Operations update Jade prospect drilling

11/04/2021 | 09:13am EST

Empyrean Energy plc ('Empyrean' or the 'Company'), the oil and gas development company with interests in China, Indonesia and the United States, is pleased to advise that it has made significant operational progress towards spudding the LH 17-2-1 exploration well at the Jade prospect on Block 29/11, offshore China, (the 'Jade Prospect') in December 2021.

HIGHLIGHTS

CNOOC EnerTech-Drilling & Production Co ('CNOOC EnerTech') have been engaged to manage a number of critical pre drilling permitting and logistical requirements as well as performing a major managerial role over all aspects of the drilling operations CNOOC EnerTech is a subsidiary of China National Offshore Oil Company ('CNOOC') and holds in excess of 90% of the deepwater technical service market in China, with more than 10 years experience in areas such as supervision, project design, devices and tools service, fishing, coring and core analysis

The CNOOC EnerTech team has commenced the process for securing several drilling permits, and has commenced engagement with China Oilfield Services Limited ('COSL') drilling group for verification of wellhead and casing specifications and other key areas.

Empyrean is the operator of Block 29/11 in China and has 100% working interest during the exploration phase. In the event of a commercial discovery, its partner, CNOOC, has a back in right to a 51% participating interest in the development and production phase. In order to ensure safe and secure drilling operations, the Company has held several discussions and has remotely held meetings with CNOOC EnerTech in order to secure its services to assist with the pre-drill logistics and management of the drilling operations.

These discussions resulted in defining a broad mandate for the engagement with the following three teams being formed to work in a phased manner to coordinate and manage the drilling operations: The Onshore team will be responsible for finalising the drilling and geological program for the well in line with CNOOC's requirements. In addition, this team will be responsible for applying for and securing all necessary permits ahead of drilling operations.

Finally, this team will develop safety and emergency response procedures and documentations. The Onshore team has already commenced systematic work for securing several drilling permits, and have commenced engagement with COSL drilling group for verification of wellhead and casing specifications. CNOOC EnerTech team is also preparing a comprehensive Emergency Response Plan ('ERP') for conducting safe drilling operations.

The Offshore team will join the Onshore team 15 days prior to rig mobilisation to the drilling location, and will be involved in managing day-to-day drilling operations on the rig. In the event there is an oil pay in the well (success-case), a Well Test team will join the Offshore team in the rig, and will be responsible for the comprehensive well testing operations. The information contained in this announcement has been reviewed by Empyrean's Executive Technical director, Gaz Bisht, who has over 31 years' experience as a hydrocarbon geologist and geoscientist.

Empyrean CEO, Tom Kelly, stated: 'Engagement of CNOOC EnerTech marks another important milestone towards conducting a safe and successful drilling operation. Empyrean is delighted to have the experience and capability of the CNOOC EnerTech team onboard and working with Empyrean to drill the Jade prospect. We are now counting down towards drilling of the Company's first exciting exploration well in China. We look forward to providing shareholders with further updates in the short term.

Contact:

Tom Kelly

Tel: +61 6146 5325

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
CHINA OILFIELD SERVICES LIMITED 0.78% 7.79 End-of-day quote.14.06%
EMPYREAN ENERGY PLC -0.83% 6 Delayed Quote.-3.97%
All news about EMPYREAN ENERGY PLC
01/24Empyrean Energy Obtains Injunction In Cyber Fraud Case
MT
01/10Empyrean Energy plc Provides Update on Preparations to Drill the Jade Prospect at Its 1..
CI
2021Empyrean Energy Plc Reports Earnings Results for the Half Year Ended September 30, 2021
CI
2021Empyrean Energy PLC - Empyrean raises GBP7.623 million to fully fund Jade prospect dril..
AQ
2021Empyrean Energy plc Announces the Integrated Drilling Contract
CI
2021Empyrean Energy plc Block 29/11, China, Operations update Jade prospect drilling
AQ
2021Empyrean Energy plc Announces Operations Update Jade Prospect Drilling
CI
2021EMPYREAN ENERGY PLC, INDEX : AIM, Epic: EME, Sector: Oil & Gas Empyrean Energy plc Exercis..
AQ
2021EMPYREAN ENERGY : Shares Rise On China Well Survey Contract
MT
2021EMPYREAN ENERGY PLC : Results of Annual General Meeting
AQ
More news
Financials
Sales 2022 - - -
Net income 2022 - - -
Net cash 2022 9,24 M 12,4 M 12,4 M
P/E ratio 2022 -
Yield 2022 -
Capitalization 38,2 M 51,2 M 51,2 M
EV / Sales 2022 -
Capi. / Sales 2023 -
Nbr of Employees 2
Free-Float 37,6%
Chart EMPYREAN ENERGY PLC
Duration : Period :
Empyrean Energy Plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends EMPYREAN ENERGY PLC
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Last Close Price 0,06 
Average target price
Spread / Average Target -
Managers and Directors
Thomas Campbell Bowden Kelly Chief Executive Officer & Director
John Hugh Spencer Laycock Non-Executive Director & Finance Director
Jonathan David Whyte Chief Financial Officer & Secretary
Patrick Henry Cross Non-Executive Chairman
Gajendra Singh Bisht Executive Director
Sector and Competitors
1st jan.Capi. (M$)
EMPYREAN ENERGY PLC-3.97%52
CONOCOPHILLIPS20.62%114 828
EOG RESOURCES, INC.21.05%62 919
CANADIAN NATURAL RESOURCES LIMITED20.02%59 924
CNOOC LIMITED15.94%53 965
PIONEER NATURAL RESOURCES COMPANY16.81%51 866