HIGHLIGHTS
COSL owned NH9 rig has arrived safely on location at the Jade Prospect
Operations to anchor the rig on location have commenced
Spudding of LH 17-2-1 well over Jade Prospect is now anticipated to commence on or around 10 April
Empyrean is the operator of Block 29/11 in
Once safely and securely anchored in place, preparations to rig up in preparation to spud the well will immediately follow. At this stage, it is anticipated that the well will spud on or around 10 April.
A further update will be provided once the well spuds.
The information contained in this announcement has been reviewed by Empyrean's Executive Technical director,
Empyrean CEO,
Background Information on Jade and Topaz prospects
The Jade Prospect
The 2021 drilling campaign is targeting a world class conventional oil target in the Jade Prospect, to which
The Jade Prospect has a GCA audited mean in place potential of 225 MMbbl and a P10 in place upside of 395 MMbbl. Four recent nearby discoveries by CNOOC immediately to the West of the Jade Prospect are filled to their P10 potential or better. All four CNOOC discoveries have gas clouds showing in the overburden on seismic.
The Topaz Prospect
Following any potential success at the Jade Prospect, Empyrean would like to drill the much larger Topaz Prospect, to which
The Topaz Prospect has GCA audited mean in place potential of 434 MMbbl and a P10 in place upside of 891 MMbbl.
Four recent nearby discoveries by CNOOC immediately to the West of the Jade Prospect are filled to their P10 potential or better. All four CNOOC discoveries have gas clouds showing in the overburden on seismic.
Empyrean's excellent quality 3D seismic indicates that there is a classic 'fill to spill' geological setup in the basin, and a robust regional seal, that provides the Jade and Topaz Prospects with a very real possibility of being filled in a similar fashion to nearby discoveries. The Jade and Topaz prospects both have gas clouds, similar to nearby discoveries, in the overburden on 3D seismic. Dry wells nearby do not have gas clouds. The Jade Prospect is the first of the three identified prospects within Block 29/11, which also contains the Topaz and Pearl prospects. The combined audited mean in place potential of all three prospects is 884 MMbbl and a P10 in place upside of 1,588 MMbbl. The post stack seismic inversion study showed Jade and Topaz both have the potential for excellent carbonate buildup reservoir quality with excellent porosity and permeability. Any oil discovered is expected to be light oil in the 38-41 API range, similar to nearby discoveries. These attributes combined with the potential for exceptional natural reservoir drive supports the potential for excellent recovery rates.
Contact:
Tel: +61 6146 5325
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