Empyrean Energy hails 'very encouraging' results as China prospects receive estimate upgrades StockMarketWire.com - Oil and gas development company Empyrean Energy said Friday that it’s Pearl River Mouth Basin asset, offshore China, had been estimated to contain 884m barrels of oil potential.
Independent audit petroleum advisory firm Gaffney, Cline & Associates had carried out the audit of the company's three prospects, Jade, Topaz and Pearl, estimating a oil potential of 884m barrels, up 9% from a previous estimate of 814m.
The geological chance of success of Jade and Topaz prospects, identified in Block 29/11, Pearl River Mouth Basin, offshore China, was 32% and 30%, respectively, the company said, citing data from Gaffney, Cline & Associates.
'The independent review of three prospects, recently undertaken by GCA, is very encouraging and supports the work undertaken internally by Empyrean,' said Empyrean CEO Tom Kelly.
'It is particularly pleasing to see that the Jade and Topaz prospects are expected to have close to a 1-in-3 chance of geological success and over a billion barrels of potential oil in-place, combined, on a P10 basis un-risked.'
'By industry standards, these numbers are excellent.'
At 10:14am: [ LON:EME] Empyrean Energy PLC share price was +0.4p at 10.15p