Empyrean Energy PLC (AIM:EME) said it is continuing to work on de-risking the Topaz project offshore China, with the regional oil migration study and simultaneous 3D seismic inversion project, expected to be concluded this year.
Drilling at Topaz is expected to start in 2024.
In Indonesia, Empyrean said it is waiting on the completion of the gas sale agreement (GSA) and sell-down process of the Mako gas field.
“With a strong underlying macro environment for gas in South-East Asia, and Singapore in particular, Empyrean is optimistic of favourable outcomes that will strengthen the company's balance sheet and support the planned drilling at Topaz.”
Losses in the year to end March 2023 rose to US$20.8 million from US$8.1 million, which reflected the failure of the Jade well on the offshore China acreage.