Project Profile
Location: Pearl River Mouth Basin, South China Sea
Depth: 340-600m
Area: 1,808 sq. km
Water Depth: 300-600 meters
Block 29/11 is an offshore permit that is located approximately 200km South East from Hong Kong in seabed depths ranging from 340-600m. The Permit is directly South of the largest oil field in the Pearl River Mouth Basin and is approximately 1800km2 in area. Empyrean has a100% working interest in this asset, during the exploration phase, with the China National Offshore Oil Corporation ("CNOOC") having a back in right of 51% in the event of a commercial discovery. The company will acquire and complete processing and technical evaluation of 500km² of 3D seismic data. Jade and Topaz exploration prospects have been mapped within the permit area with multi-vintage 2D seismic shot in 1979, 1986 and 1989. After completing the exploration phase of the permit, Jade and Topaz will decide on an alternative to enter the PSC to drill the prospects on the permit. The options may include farming-out the drilling of exploration wells to a capable partner or raise additional financing to allow the company itself to undertake this process.
Operator:
Empyrean Energy: 100% interest
CNOOC China Limited (subsidiary of China National Offshore Oil Corporation): up to 51% interest during development phase
Contractors:
China Oilfield Services Limited (COSL): 3D seismic survey