Empyrean Energy PLC Posting of Annual Report and Notice of AGM (4062O)
18 August 2017 - 7:17PM
UK Regulatory
TIDMEME
RNS Number : 4062O
Empyrean Energy PLC
18 August 2017
Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil &
Gas
18 August 2017
Empyrean Energy PLC ("Empyrean" or the "Company")
Posting of Annual Report and Notice of Annual General
Meeting
Empyrean Energy PLC (EME: AIM) announces that its Annual General
Meeting ('AGM') will be held at The Royal Institution of Great
Britain, 21 Albemarle Street, London, W1S 4BS on 11 September 2017
at 10.00am.
The Company announces that its Annual Report and Accounts for
the year ended 31 March 2017 is today being posted to shareholders,
together with a Notice of the AGM, and is now available to download
from the Company's website at www.empyreanenergy.com.
Form of Proxy
Shareholders will not receive a form of proxy for the AGM in the
post. Instead, Shareholders will be able to vote electronically
using the link www.signalshares.com and having selected Empyrean
Energy plc, following the proxy voting tab. Shareholders will still
be able to vote in person at the AGM, and may request a hard copy
proxy form directly from the registrars by calling 0871 664 0300 or
writing to Capita Asset Services, The Registry, 34 Beckenham Road,
Beckenham Kent, BR3 4TU.
**ENDS**
For further information:
Empyrean Energy plc
Tom Kelly Tel: +61 8 9481 0389
Cenkos Securities plc
Neil McDonald Tel: +44 (0) 131 220 9771
Beth McKiernan Tel: +44 (0) 131 220 9778
Nick Tulloch Tel: +44 (0) 131 220 9772
St Brides Partners Ltd
Lottie Brocklehurst Tel: +44 (0) 20 7236 1177
Olivia Vita Tel: +44 (0) 20 7236 1177
Notes to Editors
About Empyrean Energy Plc (LON: EME)
Empyrean is a London AIM listed oil and gas explorer with three
potentially high impact new projects. Empyrean has a 1800km2
offshore oil permit located in the Pearl River Mouth Basin, China
where it has commenced 3D seismic Q2, 2017 to further mature two
large oil prospects, Jade and Topaz. The permit is directly South
East of the billion barrel+ Liuhua Oil Field operated by CNOOC and
two recent discoveries to the permits West and South further
enhance the merit of Jade and Topaz. Empyrean is operator and holds
100% of the exploration rights through to commercial discovery
where CNOOC have a back-in right to 51%.
Empyrean also has a 10% interest in West Natuna Exploration
Limited that holds 100% of the Duyung PSC in offshore Indonesia and
is targeting the Mako Shallow Gas Discovery that has an
independently verified 2C and 3C gas resource of between 430-650
Bcf recoverable gas. Empyrean is currently participating in
drilling the Mako South-1 well which has recorded better than
expected flow rates, porosity, permeability and gas saturation in
the target Intra Muda Formation than expected. A stabilised flow
rate of 10.9 million cubic feet of gas per day with multi Darcy
permeability and excellent reservoir characteristics was
recorded.
Empyrean also has a joint venture with ASX listed Sacgasco
Limited on a suite of projects in the Sacramento Basin, onshore
California, USA. The package includes two mature, multi-Tcf gas
prospects, 'Dempsey' (Empyrean earning 30%) and 'Alvares' (Empyrean
earning 25%) and an Area of Mutual Interest (the "Dempsey Trend
AMI")(Empyrean earning 30%) that includes at least three already
identified, large Dempsey-style follow up prospects. Dempsey is a
large structure mapped with 3D seismic and interpreted by Sacgasco
to have the potential to hold a prospective resource of over 1 Tcf
of gas in up to seven stacked target reservoirs. The Company plans
to commence a 3,200 metre (10,500 feet) combined appraisal and
exploration well, Dempsey-1, in Q3 2017 to evaluate this
prospect.
Aside from compelling technical merit, the Dempsey-1 well
location sits next to existing gas metering and surface
infrastructure that is owned by the joint venture. This will allow
for any gas discovery to be tested and connected into the local
pipeline at relatively low cost and in an accelerated timeframe.
This early potential for short-term cash flow in the event of a
commercial discovery would be significant for the joint venture and
for the state of California where gas demand is high and
approximately 90% of consumption is imported from other states. Gas
produced in the Sacramento Basin currently prices at a 10-15%
premium to Henry Hub Gas Prices. The joint venture will be drilling
and testing the Dempsey Prospect, a 1 Tcf gas target in Q3,
2017.
Alvares is a large structure mapped with 2D seismic and
interpreted by Sacgasco to hold prospective resources of over 2 Tcf
estimated potential recoverable gas. A well drilled by American
Hunter Exploration Limited in 1982 for deeper oil intersected
5,000ft of gas shows. No valid flow test was conducted due to
equipment limitations and the deeper oil target failing. However
minor gas flows to surface were recorded even with these
limitations. The possibility of using the existing well bore to
sidetrack and get a valid flow test, thus reducing costs will be
examined.
The Dempsey Trend AMI is an Area of Mutual Interest extending to
approximately 250,000 acres and containing the Dempsey prospect
(described above) as well as at least three other, Dempsey-style
prospects which have been identified on existing seismic.
www.empyreanenergy.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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