DJ Empyrean Energy Shares Rise on Jade Prospect Survey Contract Award
By Ian Walker
Shares of Empyrean Energy PLC rose Tuesday after the company said it has awarded a well site survey contract over the Jade prospect on Block 29/11 offshore China to China Oilfield Services Ltd.
The oil-and-gas development company--which has interests in China, Indonesia and the U.S.--said that the survey will start late this month, with drilling expected in mid-December.
Shares at 1335 GMT were up 0.95 pence, or 16%, at 7.05 pence.
Empyrean is the operator of Block 29/11 and has a 100% working interest during the exploration phase. In the event of a commercial discovery on the site, China Oilfield Services may get a 51% interest in the development and production phase, Empyrean said.
"The well site survey contract award marks an important and crucial milestone toward conducting of a safe drilling operation in mid-December 2021," Chief Executive Tom Kelly said.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
October 05, 2021 09:50 ET (13:50 GMT)
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