Empyrean to take stake in Duyung PSC

May 31, 2017

AIM-listed Empyrean Energy said it has completed the acquisition of 10% interest in West Natuna Exploration Ltd. (WNEL) from Conrad Petroleum.

Based in Jakarta, WNEL is the operator of the Duyung production sharing contract in Indonesia.

Both companies have agreed to an amendment to the original terms of the acquisition which extended the long-stop date for payment of consideration of US$2 million in respect of an additional 10% interest in WNEL to 26 May.

The company has chosen not to increase its interest in WNEL to 20%, thus its interest remains at 10%.

WNEL is also preparing to undertake a 3D seismic survey over 500sq km of Block 29/1, located in the Pearl River Mouth basin, offshore China. Block 29/11 is an offshore permit that is located approximately 200km southeast from Hong Kong in seabed depths ranging from 340-600m.

The 3D seismic acquisition is expected to commence in June 2017. Empyrean has a 100% working interest in this asset, during the exploration phase, with the China National Offshore Oil Corp. having a back in right of 51% in the event of a commercial discovery.



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