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Drilling begins at Jade prospect offshore China

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Oilfield Technology,

Empyrean has announced that drilling has commenced at the LH 17-2-1 well on the Jade prospect at its 100% owned Block 29/11 permit, offshore China.

In the event of a commercial discovery Empyrean's partner, CNOOC, may assume a 51% participating interest in the development and production phase.

The Jade prospect has a GCA audited mean in place potential of 225 million bbl and a P10 in place upside of 395 million bbl. Four recent nearby discoveries by CNOOC immediately to the west of the Jade prospect are filled to their P10 potential or better. All four CNOOC discoveries have gas clouds showing in the overburden on seismic.

The Jade prospect is the first of the three identified prospects within Block 29/11, which also contains the Topaz and Pearl prospects. The combined audited mean in place potential of all three prospects is 884 million bbl and a P10 in place upside of 1588 million bbl.

Empyrean CEO, Tom Kelly, stated: "Empyrean is delighted to inform shareholders that following successful anchoring operations at the Jade location we have spudded the Jade well over the weekend and drilled the first section of hole. The Empyrean, COSL and CNOOC EnerTech teams are working very well together to drill the well safely and achieve the objective."

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