Empyrean Energy PLC (AIM:EME) told investors it expects that the Jade exploration well, offshore China, will spud on or around April 2.
The company, in a statement, said that the China Oilfield Services Limited (COSL) owned NH9 drill rig will be handed over to Empyrean within the next few days for safety checks. Mobilisation is anticipated on or around March 27.
Spudding on April 2 remains subject to prevailing weather conditions to ensure the safe anchorage of the NH9 rig at the Jade location, the company noted.
"We are delighted that we are now days away from being ready to spud one of the highest impact and exciting wells of 2022,” said Empyrean chief executive Tom Kelly.
“Things are getting very real for our team and we look forward to providing shareholders and investors with further updates."
Jade is estimated to have a potential 225mln barrels of oil in place (mean) and the upside case sees some 395mln barrels. And has a stated 32% geological chance of success, according to third party consultant Gaffney Cline & Associates.