Empyrean Energy has identified a third "significant" prospect offshore China, following recently acquired 3D seismic in the area, which has exceeded the company's expectations.
Map from Empyrean.
The company finalized the preliminary internal interpretation of the fast-tracked processing of raw seismic data from 3D seismic on Block 29/11, offshore China.
The preliminary interpretation confirmed the structural validity and the potential size of the Jade and Topaz prospects, and has revealed a new prospect named Pearl, which is located to the north of Topaz.
Data revealed that interpretation of gross unrisked mean prospective resources for all three prospects are 591 MMbbl.
"Empyrean is excited to confirm that, based on our internal preliminary analysis, Block 29/11 contains prospects of truly significant scale and size,” says Empyrean CEO Tom Kelly. “The three priority targets have a cumulative mean potential to contain 591 MMbbl is a great early result from the 3D seismic data recently acquired. We will obtain better resolution and imaging from the full processing of data, a process which is underway and the results of which will be announced in due course, but these early results greatly exceed our expectations and the data quality is excellent."
The 580sq km survey, which began in June and ended in August, examined the permit area, including key prospects such as Jade and Topaz. In addition, Empyrean acquired a further 28sq km 3D along the western boundary of the block and extending over the LH 23-1d oil discovery, west of Empyrean's permit.
For each prospect, the low estimate for Jade is 89 MMbbl, best estimate is 103 MMbbl, and high estimate is 143 MMbbl; for Topaz. low estimate is 280 MMbbl, best is 365 MMbbl, and high is 498 MMbbl; Pearl’s low estimate is 84 MMbbl, best is 123 MMbbl, and high estimate is 206 MMbbl.
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