Empyrean Energy PLC Block 29/11, China - Seismic Inversion Project (5976N)
21 Maggio 2020 - 8:00AM
UK Regulatory
TIDMEME
RNS Number : 5976N
Empyrean Energy PLC
21 May 2020
This announcement contains inside information
Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil &
Gas
21 May 2020
Empyrean Energy plc
Block 29/11, China - Reservoir Quality Assessment - Seismic
Inversion Project
Empyrean Energy ("Empyrean" or the "Company"), the oil and gas
development company with interests in China, Indonesia and the
United States, is pleased to announce the results of its seismic
inversion project, designed to assess the reservoir quality and
reservoir rock composition at its Jade and Topaz prospects at Block
29/11 in the Pearl River Mouth Basin, offshore China.
HIGHLIGHTS
-- Reservoir rocks at Jade and Topaz interpreted to be excellent quality carbonates
-- Porosities at Jade and Topaz interpreted to be in the highly favourable range of 20-30%
-- Excellent cooperation between the Empyrean, COSL and CNOOC
technical teams delivers a robust dataset resulting in significant
technical confidence in the results
As previously announced, the Company engaged China Offshore
Services Limited ("COSL") to carry out data processing and
technical work for the seismic inversion project. Following this,
the Company has undertaken detailed analysis and assessment of the
dataset.
The Company is pleased to report that comprehensive analysis of
the seismic inversion data has now been completed, and validates
the interpreted presence of excellent quality carbonate reservoir
facies at both the Jade and Topaz prospects with porosities
interpreted to be in a highly favourable range of 20-30%.
The main aim of the seismic inversion project was comprehensive
reservoir characterisation, with particular focus on the Jade and
Topaz prospects, by combining existing well log data with 3D
seismic data to generate an acoustic impedance dataset. Analysis of
this nature has been used to successfully interpret the physical
rock properties of reservoirs globally - in particular lithology,
porosity and thickness of reservoir.
In order to achieve the most comprehensive and robust result
from the Seismic Inversion Project, the Company approached China
National Offshore Oil Corporation ("CNOOC") to gain access to the
log data of a crucial well, LH-23-1-1d, located approximately 12 km
southwest of the Jade prospect in a permit operated by CNOOC. It is
pleasing to report that CNOOC agreed to provide the data, resulting
in increased technical confidence in the results of the seismic
inversion project. The LH-23-1-1d well intersected both carbonate
and sandstone reservoirs with oil pay.
In order to combine well log data with the 3D seismic data, the
Company worked closely with the COSL team. During this process well
data from the LH-23-1-1d well proved crucial in establishing the
close relationship of impedance data extracted from the seismic
data to the lithology, porosity and thickness of reservoir in
existing wells.
Comprehensive and systematic analysis of the acoustic impedance
dataset resulted in separating Zhujiang carbonate facies from the
underlying Zhuhai sandstones facies. In addition, the lateral
distribution of high-quality carbonate reservoir has been mapped.
This more detailed work validates the earlier interpretation from
seismic thickness analysis and supports the interpreted presence of
a thick carbonate reservoir with porosities in a range of 20-30% at
the Jade and Topaz prospects.
The information contained in this announcement has been reviewed
by Empyrean's Executive Technical director, Gaz Bisht, who has over
30 years' experience as a hydrocarbon geologist and
geoscientist.
Empyrean CEO, Tom Kelly, stated:
"Empyrean continues to make progress in its flagship project in
China by undertaking issue-specific technical work designed to
reduce the pre-drill risks of the project as much as possible. The
seismic inversion analysis has greatly enhanced our interpretation
and gives us further confidence that we have a world-class
carbonate reservoir with excellent porosity and permeability at
both the Jade and Topaz prospects. These prospects are technically
ready to be drilled and we will work hard to ensure they feature in
a recovering oil market. The excellent relationship and cooperation
with COSL and CNOOC has once again been demonstrated by access to
crucial well data."
For further information please contact the following:
Empyrean Energy plc
Tom Kelly Tel: +61 8 6146 5325
Cenkos Securities plc
Neil McDonald Tel: +44 (0) 131 220 9771
Pete Lynch Tel: +44 (0) 131 220 9772
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END
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