I Agree

We have updated our Privacy and Cookie Policy. By clicking "I Agree" below, you acknowledge that you accept our Privacy and Cookie Policy and Terms of Use.

PLEASE TELL US A LITTLE ABOUT YOURSELF SO THAT WE CAN DISPLAY THE MOST
APPROPRIATE CONTENT TO YOU:

This site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about cookies used on Trustnet and how you can manage them, see our Privacy and Cookie Policy.

By clicking "I Agree" below, you acknowledge that you accept our Privacy Policy and Terms of Use.

For more information Click here

Login

Register

It's look like you're leaving us

What would you like us to do with the funds you've selected

Show me all my options Forget them Save them
Customise this table
Share   Print      RSS

Empyrean Energy PLC (EME)

Empyrean Energy PLC

Extension agreed for first phase at Block 29/11
RNS Number : 7264O
Empyrean Energy PLC
03 June 2020
 

This announcement contains inside information

 

Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil & Gas

 

Empyrean Energy plc

 

3 June 2020

 

12-month extension for first phase exploration drilling at Block 29/11, China

 

Empyrean Energy ("Empyrean" or the "Company"), the oil and gas exploration and development company with interests in China, Indonesia and the United States, provides the following update on its Block 29/11, offshore China.

 

Highlights

 

· 12-month extension to the first phase of exploration on Block 29/11

· The Company now has until 12 June 2022 to drill its first well on Block 29/11

· However, the Company remains committed to safely drilling its first well as soon as practicable

Due to the COVID-19 pandemic and the resultant global control policies, the Company proactively engaged with China National Offshore Oil Corporation ("CNOOC") and applied for a 12-month extension to the first phase of the exploration period for the Petroleum Contract for Block 29/11.

The Company is pleased to announce that CNOOC has now granted a 12-months extension to the first phase of exploration. As a result, the first phase of the exploration period for the Petroleum Contract for Block 29/11 has been extended to 12 June 2022. CNOOC has informed the company that the existing current contract will be suitably amended in due course.

The exploration commitment for the first phase of exploration is to drill an exploration well. The Company is taking all necessary steps for safely drilling the first exploration well on Block 29/11 as soon as practicable.

Empyrean CEO, Tom Kelly, stated:

"This 12-month extension is a further example of the excellent cooperation and understanding between CNOOC and Empyrean. The extension provides enormous de-risking and flexibility with respect to the planning and drilling of the first phase exploration well in Block 29/11 without having to invoke force majeure. COVID-19 has made many operations unsafe and uncertain, especially travel, and this extension provides the flexibility for a much safer approach to our operations. It is Empyrean's intention to drill this first exploration well as soon as practicable and we continue to take proactive steps towards a safe drilling operation in China. Put simply, if we can safely drill this first well ahead of the new extension - we will."

 

For further information please contact the following:

 

Empyrean Energy plc

Tom Kelly

 

Tel: +61 8 6146 5325



Cenkos Securities plc

Neil McDonald

Pete Lynch

 

Tel: +44 (0) 131 220 9771

Tel: +44 (0) 131 220 9772



 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
UPDBSGDLCUGDGGD
Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

You are currently using an old browser which will not be supported by Trustnet after 31/07/2016. To ensure you benefit from all features on the site, please update your browser.   Close