Empyrean Energy Plc (LON:EME) told investors that results from a seismic programme offshore China has exceeded expectations.
The explorer, in a stock market statement, said the preliminary mapping of ‘raw seismic 3D data’ confirms the structural validity of Jade and Topaz prospects and identifies a third significant target named Pearl.
Jade is estimated to have potential to host 103mln barrels of oil, Topaz is estimated to have 365mln barrels and Pearl has 123mln barrels.
Analysis is continuing with full data processing and oil migration studies on-going.
"Empyrean is excited to confirm that, based on our internal preliminary analysis, Block 29/11 contains prospects of truly significant scale and size,” said Tom Kelly, Empyrean chief executive.
“That the three priority targets have a cumulative mean potential to contain 591 million barrels of oil is a great early result from the 3D seismic data recently acquired.
“We will obtain better resolution and imaging from the full processing of data, a process which is underway and the results of which will be announced in due course, but these early results greatly exceed our expectations and the data quality is excellent."