Empyrean Energy PLC (AIM:EME) has reiterated its plans to drill a second well offshore China before June 2024, with some time late in 2023 as the most likely timeline.
Topaz will be the second well on Block 29/11, with the first well, Jade, coming up dry though Empyrean said that the data from that drill hole had informed its decision to push ahead with the programme.
The Topaz prospect has an estimated 506mln mean barrels of oil in place.
Elsewhere, Empyrean said it was pleased with the Indonesian authorities’ approval of the plan to develop the Mako project.
It allows the operator, Conrad, to re-focus resources on consummating negotiations to complete a gas sales agreement, said the company.
In a statement, Patrick Cross, Empyrean's chairman, added: “It has been a challenging year for the company following the disappointing Jade well result but the company remains committed to working through these challenges.
“The company eagerly awaits completion of the Gas Sales Agreement in Indonesia and is assessing other opportunities on the project front while also pursuing avenues to secure the necessary support required from a funding perspective.”
Losses for the six months to end-September were US$24.1mln (H1 2021: US$453,000) including an impairment charge of US$22.2mln.
Empyrean had cash of US$800,000 at the end of its first half.