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AIM:EMEFRA:E1E
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Empyrean Energy is counting down to exciting Jade well

Snapshot

  • Empyrean Energy signs up driller for Jade exploration well offshore China
  • Empyrean Energy counting down to transformational Chinese exploration well
  • Empyrean Energy has huge upside if Jade well comes in, says Cenkos
  • Empyrean Energy secures rig and begins countdown to Jade well drilling
Empyrean Energy is counting down to exciting Jade well

Quick facts: Empyrean Energy PLC

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AIM:EME

Price: 6.2 GBX

Market Cap: £35.53 m

About the company

Empyrean Energy PLC is a London AIM listed oil and gas explorer.

The company is currently focused on three cornerstone assets with transformational potential: Block 29/11 offshore China; the Duyung PSC offshore Indonesia and a multi project participating interest in the Sacramento Basin, California.

How it is doing

02 Sep 2021

Empyrean Energy PLC (AIM:EME, FRA:E1E) signed up a rig for the planned Jade exploration well in China, setting a December spud date.

The company awarded the contract to China Oilfield Services Limited (COSL) which proposed a significantly reduced drilling cost estimate of US$12.3mln, compared to a prior US$18.5mln estimate, with a US$7.4mln success-based bolt-on for testing.

Planning and permitting operations are continuing. Empyrean noted that COSL has confirmed its availability along with all technical, commercial and contractual terms.

"This award of contract to COSL at approximately 34% below our previously anticipated drilling cost estimate is a massive leap forward for Empyrean and the reduced drilling cost is effectively better than a 34% JV style deal as there is zero dilution to Empyrean,” said chief executive Tom Kelly.

23 Apr 2021

Empyrean Energy PLC (LON:EME) has begun comprehensive planning for the drilling of the Jade prospect in China.

In a statement, the company told investors that it has awarded a contract to AGR which will assist with well planning and engineering.

22 Apr 2021

Empyrean Energy PLC’s (LON:EME) coffers have been boosted by a US$357,702 US tax refund.

The company, in a brief stock market statement, noted that it received the refund following submission of Empyrean's federal tax return with the US Internal Revenue Service for the 31 March 2020 financial year.

Insight: Empyrean Energy counting down to transformational Chinese exploration well

11 Aug 2021

Empyrean Energy PLC (AIM:EME, FRA:E1E)’ entry into China, back in 2016, gave the AIM-quoted oil and gas firm ‘new colour’, according to chief executive Gaz Bisht, who describes the Jade exploration project as transformational to the company.

Bisht in a Proactive interview said the company is working rigorously to advance its plans for Jade towards a pivotal and exciting drill programme.

What the brokers say

27 Aug 2021

Empyrean Energy PLC (AIM:EME, FRA:E1E) is gearing up to drill the high-impact 225mln barrels Jade prospect offshore China before the end of 2021 in what will be a defining year for the oil and gas group, said house broker Cenkos.

Exploration success at Jade would see the risked valuation of the prospect increase from 9.9p to an estimated 41.8p, or a 320% rise said Cenkos, which compares to a current market price of 5.5p.

Success at Jade would also significantly de-risk both the adjacent Topaz and Pearl prospects, said the broker.

What management says

08 Sep 2021

Empyrean Energy PLC (AIM:EME, FRA:E1E)'s Gaz Bisht tells Proactive they've signed up a rig for the planned Jade exploration well in China, setting a December spud date. The company awarded the contract to China Oilfield Services Limited which proposed a significantly reduced drilling cost estimate of US$12.3mln, compared to a prior US$18.5mln estimate.

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Empyrean Energy secures rig and begins countdown to Jade well drilling

Empyrean Energy PLC (AIM:EME, FRA:E1E)'s Gaz Bisht tells Proactive they've signed up a rig for the planned Jade exploration well in China, setting a December spud date. The company awarded the contract to China Oilfield Services Limited which proposed a significantly reduced drilling cost...

2 weeks, 6 days ago

2 min read