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Oil and gas company Empyrean Energy said it had completed the well design and engineering work for the Jade prospect well on Block 29/11, offshore China, moving it closer to begin preparation for drilling.
The Jade prospect had been assessed by Gaffney Cline to have oil in place potential of 225 MMbbl (mean) with an upside case of 395 MMbbl.
'Our next step is to utilise the report and recommendations to identify and negotiate a suitable rig for the drilling of Jade. We plan to update shareholders on our ongoing well planning soon,' the company said.
At 9:30am: (LON:EME) Empyrean Energy PLC share price was 0p at 4.25p