Announcement • Jul 09
Empyrean Energy plc Announces Resignation of Patrick Cross as Non-Executive Director, Effective July 7, 2026 Empyrean Energy plc announced that Dr Patrick Cross has resigned from his position as Non-Executive Director of the Company, due to ill health, effective 7 July 2026. Dr Cross has been a dedicated member of the Empyrean Board, previously as Chairman, for over 20 years and has over that time made a significant contribution to the Company. New Risk • Jun 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$4.0m). Earnings have declined by 4.5% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (€2.98m market cap, or US$3.40m). Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Shareholders have been diluted in the past year (28% increase in shares outstanding). Board Change • May 21
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. CEO, Executive Director of Technology & Executive Director Gaz Bisht was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 02
Empyrean Energy plc Provides Mako Gas Project Update Empyrean Energy plc provided the following update on progress at the Duyung PSC and the Mako Gas Field in Indonesia. Following Empyrean's announcement on 3 March 2026 in which Conrad Asia Energy Ltd. and its majority-owned subsidiary, West Natuna Exploration Limited, as operator, approved the Final Investment Decision for the Mako Gas Project, Conrad have advised the market that project development activities remain on track. As detailed by Conrad in their ASX Quarterly Activities Report for the period ending 31 March 2026, by the end of First Quarter 2026, West Natuna Exploration Limited had issued letters of award covering more than USD 280 million of the Mako Gas Project capital contracts, constituting over 80% of the total capital costs. Letters of award have been issued for the drilling rig, SURF (subsea, umbilicals, risers, flowlines) EPCI, CSF (conductor support frame) EPCT, and all long lead items. Several milestone payments have already been made to the contractors. Cost remain in line with previous guidance. The Mako Gas Project is structured as a tow-phase programmed initially comprising six development wells (this Final Investment Decision) tied back to a leased Mobile Offshore Production Unit at the field. The Mobile Offshore Production Unit has a design capacity of 172 mmscfd. Sales gas will be transported via an approximately 59km, 18-inch pipeline to the KF platform in the adjoining Kakap PSC, then through the West Natuna Transportation System pipeline for delivery to the Indonesian domestic market. Supply will be facilitated via a new spur pipeline from the West Natuna Transportation System to Pemping Island, Riau Province, which is being constructed by PLN EPE, a wholly owned subsidiary of PLN Persero. Gas allocation volumes and transportation tariffs within the West Natuna Transportation System have been agreed with SKK Migas and the West Natuna Transportation System Joint Venture. A formal Gas Transportation Agreement is expected to executed in the coming weeks. As advised previously, total capital expenditure to first gas is estimated at USD 320 million (100% basis). The Mako Gas Project is fully-funded (including a substantial contingency) and remains on-track for first gas in Fourth Quarter 2027. Under its agreement with Conrad, as announced on 23 February 2026, Empyrean is entitled to 8.5% of all cash payments to West Natuna Exploration Limited. The information in this announcement has been reviewed by Empyrean's Technical Director, Gaz Bisht, who has over 36 years' experience as a hydrocarbon geologist and geoscientist. Announcement • Feb 27
Empyrean Energy PLC Announces Appointment of Gajendra (Gaz) Bisht as CEO, Effective February 27, 2026 Empyrean Energy PLC announced that current Interim Chief Executive Officer and Technical Director Gajendra (Gaz) Bisht has been appointed as CEO, effective immediately (27 February 2026). Mr. Bisht will also continue in his role as Technical Director. The appointment of Mr. Bisht to perform both roles represents the most prudent course in the circumstances and recognises his commitment and performance over the past 6 months in the interim CEO role. This appointment follows the successful settlement with Conrad and securing of Empyrean's participation in the Mako Gas Discovery. It also reflects a focus on cost reduction while the Company assesses new value accretive opportunities in the oil and gas sector. As advised, Empyrean is currently undertaking a disciplined evaluation of its broader portfolio and is assessing new growth opportunities. Gaz Bisht is an oil and gas professional with over 36 years of proven skills in all aspects of Exploration and Production. In the past 5 years, he has developed strong business acumen in strategy framing and execution and has built deep and effective relationships with international companies as well as regulators in South-East and North Asia, particularly in Indonesia, China and Malaysia. Announcement • Sep 04
Empyrean Energy Plc, Annual General Meeting, Sep 30, 2025 Empyrean Energy Plc, Annual General Meeting, Sep 30, 2025. Location: the offices of cavendish capital markets, 1 bartholomew close, ec1a 7bl, london United Kingdom Announcement • Jul 21
Empyrean Energy Plc has completed a Follow-on Equity Offering in the amount of £1 million. Empyrean Energy Plc has completed a Follow-on Equity Offering in the amount of £1 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,250,000,000
Price\Range: £0.0008
Transaction Features: Subsequent Direct Listing Announcement • May 02
Empyrean Energy Plc has completed a Follow-on Equity Offering in the amount of £0.061122 million. Empyrean Energy Plc has completed a Follow-on Equity Offering in the amount of £0.061122 million.
Security Name: Ordinary shares
Security Type: Common Stock
Securities Offered: 67,913,333
Price\Range: £0.0009 Announcement • Apr 04
Empyrean Energy Plc Announces Update on the Wilson River-1 Well Empyrean Energy plc announced the following update on the Wilson River-1 well: The JV partners in The Wilson River-1 have decided to conduct a Drill Stem Test ("DST") over the potential oil zone identified from analysis of logs and hydrocarbon shows from the well. The JV is currently refining the testing and completion options and getting quotes to carry out the work. The testing program is currently on schedule to commence during late April. Following the results of the testing program the JV will consider an extended production test. Other potential zones of interest are still having petrophysical analysis completed along with comparison to producing wells in the region where data is available. Announcement • Mar 25
Empyrean Energy plc Provides an Update on Wilson River-1 Well Empyrean Energy plc provided an update on the Wilson River-1 well. The Wilson River-1 well has reached total depth ("TD") of 1,464 m. Following reaching TD, open hole quad combo logs were acquired to measure multiple formation properties and reservoir characteristics. Based on preliminary log analysis and hydrocarbon shows, including approximately 6m of potential gross oil zone in one of the main target reservoirs, 7-inch production casing has been run into hole and cemented to a depth of 1,459.6 m. The well has been cased and suspended whilst expert petrophysical analysis is completed and the results are compared with existing producing wells nearby to better define a testing and completion regime. The rig is on standby on location at no cost whilst the testing program is decided upon. The petrophysical analysis is expected to be concluded within one week and a further announcement will be made regarding this further analysis and the agreed testing program in due course. Announcement • Mar 14
Empyrean Energy plc Commences Drilling of Wilson River-1 Well Empyrean Energy plc announced that rigging up operations for drilling the Wilson River-1 well proceeded smoothly and that Condor Energy Services Ltd. has advised that the well spud in at 2.30pm 14 March 2025 local time and that drilling operations have now commenced. Well Objective: Wilson River-1 has been designed as a vertical oil exploration well in the Northwest corner of ATP 1173 permit located Southwest Queensland, Australia. The main objective of the well is to evaluate and test the hydrocarbon potential of a seismically identified up thrown, structural fault bounded high. The Murta, Birkhead and Hutton formations are the primary targets and potential reservoir sands in Cadna-owie (Basal Wyandra) and Namur sequences are secondary targets. The prognosed total depth of the well is 1450m DRT (Depth Rotary Table) estimated to be approximately 50mMD into the Basement facilitating effective petrophysical analysis of the defined targets. It is planned to drill 12-1/4" hole section to ~350 mTVD/DRT and then run and cement 9-5/8" casing to surface. Following a successful leak-off test, it is planned to then drill 8-1/2" hole to TD (Total Depth) of ~1450mDRT. Based on the offset wells data, it is anticipated that the well could reach the TD (Total Depth) within 5-6 days from spudding. Planned Formation Evaluation: It is then planned to acquire a "Quad Combo" logging suite in the well for a comprehensive formation evaluation of target zones. This will include Gamma Ray, Density, Neutron, Inline Dipole Sonic, Laterolog Resistivity and Multi-Arm Caliper logs. Once logs are evaluated, the well will be cased and suspended. It is anticipated that log analysis and specialised petrophysical analysis may take a few weeks after which a cased-hole DST (Drill Stem Test) will be considered depending on the results. Announcement • Mar 11
Empyrean Energy plc Announces Wilson River-1 Drill Preparations Update Empyrean Energy plc announced that it has received notice from its joint venture partner, Condor Energy Services Ltd., that the rig package arrived on location and rig up for the Wilson River - 1 well has commenced. Completion of the rig up and testing is expected this week, with the Wilson River-1 well anticipated to spud during the coming weekend on 15th or 16th March. A further update will be provided once the well spuds. Announcement • Feb 17
Empyrean Energy plc Announces Wilson River-1 Well Update Empyrean Energy plc has been advised by Chi Oil and Gas Pty Ltd., as operator of the Wilson River-1 well, that the cultural heritage survey has been completed for the drill location. The cultural heritage survey was completed and confirmed that the designated drill location area for the Wilson River-1 well had no cultural heritage features previously registered or identified. Subsequent to the survey being completed, site works to remediate existing access tracks and clear the drilling pad area have commenced. Announcement • Jan 30
Empyrean Energy Plc has filed a Follow-on Equity Offering in the amount of £0.675 million. Empyrean Energy Plc has filed a Follow-on Equity Offering in the amount of £0.675 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 675,000,000
Price\Range: £0.001
Transaction Features: Subsequent Direct Listing Announcement • Nov 12
Empyrean Energy Plc has completed a Follow-on Equity Offering in the amount of £0.118798 million. Empyrean Energy Plc has completed a Follow-on Equity Offering in the amount of £0.118798 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 59,399,000
Price\Range: £0.002 New Risk • Oct 02
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$4.4m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$1.8m free cash flow). Negative equity (-US$4.4m). Earnings have declined by 46% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (€4.19m market cap, or US$4.64m). Minor Risk Shareholders have been diluted in the past year (31% increase in shares outstanding). Announcement • Sep 05
Empyrean Energy Plc, Annual General Meeting, Sep 30, 2024 Empyrean Energy Plc, Annual General Meeting, Sep 30, 2024. Location: the offices of cavendish capital markets, 1 bartholomew close, ec1a 7bl, london United Kingdom Announcement • Aug 22
Empyrean Energy plc Announces Board Restructure Empyrean Energy plc announced that Dr. Patrick Cross has stepped down as non-executive chairman of the company, effective immediately. Existing non-executive director Mr. John (Spencer) Laycock has assumed the position of non-executive chairman. Dr. Cross will remain on the board as a non-executive director. New Risk • Jul 05
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (95% accrual ratio). Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (€4.54m market cap, or US$4.91m). Minor Risk Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). New Risk • Feb 15
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 62% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (95% accrual ratio). Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (€8.25m market cap, or US$8.85m). Announcement • Sep 04
Empyrean Energy Plc, Annual General Meeting, Sep 27, 2023 Empyrean Energy Plc, Annual General Meeting, Sep 27, 2023, at 09:00 Coordinated Universal Time. Location: Armstrong Teasdale, Royal College of Surgeons of England, 38-43 Lincoln's Inn Fields, WC2A 3PE London United Kingdom New Risk • Jun 22
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$16m free cash flow). Share price has been highly volatile over the past 3 months (78% average weekly change). Negative equity (-US$1.0m). Earnings have declined by 45% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (€7.80m market cap, or US$8.54m). Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Shareholders have been diluted in the past year (18% increase in shares outstanding). Announcement • Jun 01
Empyrean Energy Plc has completed a Follow-on Equity Offering in the amount of £1.51803 million. Empyrean Energy Plc has completed a Follow-on Equity Offering in the amount of £1.51803 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 189,753,783
Price\Range: £0.008
Transaction Features: Subsequent Direct Listing Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Executive Director of Technology & Executive Director Gaz Bisht was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 09
Indonesian Ministry of Energy and Mineral Resources Approves the Updated Plan of Development for Empyrean Energy Plc Empyrean Energy plc advised that the Indonesian Ministry of Energy and Mineral Resources has now approved the updated Plan of Development for the Mako Gas Project within the Duyung PSC (the "Updated Mako PoD"). Details of the Updated Mako PoD were announced by the Company on 9 September 2022. The Updated Mako PoD amends an initial Mako Gas Project PoD approved in 2018 to reflect, inter alia, previously announced increases in Contingent Resources following a successful 2019 drilling campaign. The award of the revised POD represents a material event in progressing the Mako Gas Project and is a significant milestone on the critical path to developing this significant resource, which is currently the largest undeveloped gas field in South Natuna Sea. The Updated Mako PoD is based on field Contingent Resources of 297 billion cubic feet (net attributable to 100% of the Duyung PSC Joint Venture) and a daily production of 120 MMscf/d, consistent with the GaffneyCline Associates competent persons report dated 26 August 2022, details of which were also announced by the Company on 9 September 2022. At present, there is no infrastructure to transmit gas from the Mako field to domestic markets in Indonesia, and hence under the Updated Mako PoD the export of production to Singapore, which is already connected to the West Natuna Gas Transportation System, has been approved until and unless such evacuation routes to Indonesia are built, at which point up to 25% of production may be allocated for domestic sale. The existing underutilised gas pipeline to Singapore expedites the development of the Mako gas field from which gas is expected to be produced from 2025. The Operator of the Duyung PSC is West Natuna Exploration Limited, a 100%-owned subsidiary of Conrad Asia Energy Ltd, who hold a 76.5% interest in the Duyung PSC. The remaining 15% interest in the Duyung PSC is held by Coro Energy plc. Announcement • Sep 02
Empyrean Energy Plc, Annual General Meeting, Sep 27, 2022 Empyrean Energy Plc, Annual General Meeting, Sep 27, 2022, at 09:00 Coordinated Universal Time. Location: Cenkos Securities, 6.7.8 Tokenhouse Yard London United Kingdom Announcement • Jun 10
Empyrean Energy Provides an Update on Second Phase of Exploration for Topaz Prospect Empyrean Energy Plc provided the following update on the completion of post well analysis and entering the second phase of exploration and drilling the Topaz prospect at its 100% owned Block 29/11 permit, offshore China. Empyrean is the operator of Block 29/11 in China and has 100% working interest during the exploration phase. In the event of a commercial discovery, its partner, China National Offshore Oil Company ("CNOOC"), may assume a 51% participating interest in the development and production phase. The second phase of exploration requires the payment to CNOOC of USD 250,000 and the work obligation is the drilling of an exploration well within 2 years. Comprehensive post well analysis confirmed the Jade well carbonate reservoir parameters are better than pre-drill estimates with total thickness of 292m and porosity in the range of 25 to 27%. In addition, the Jade well penetrated thick and effective regional seal facies and the reservoir top was encountered within the depth conversion range. These parameters can now be more confidently mapped across Empyrean's 3D data set. Board Change • Apr 29
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Executive Director of Technology & Executive Director Gaz Bisht was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 28
Empyrean Energy Provides a Drilling Update at Jade Prospect Empyrean Energy plc provided the following update on drilling at the Jade prospect at its 100% owned Block 29/11 permit, offshore China. Excellent quality reservoir rocks in the Zhujiang Carbonate target were intersected as prognosed. The interpretation from logging while drilling (LWD) and mud logging equipment indicated no oil pay in the target reservoir. The well reached a final total depth of 2849 metres MD at 6:00am this morning local time. Current operations are the running of wireline logs. The wireline logs are not expected to change the initial interpretation of no oil pay seen on LWD. Wireline logging tools will now be run following a wiper trip before commencing demobilisation operations of the NH 9 rig. Announcement • Apr 20
Empyrean Energy Plc Provides Update on Drilling at the Jade Prospect at its 100% Owned Block 29/11 Permit, Offshore China Empyrean Energy Plc provided update on drilling at the Jade prospect at its 100% owned Block 29/11 permit, offshore China. The NH9 Semisubmersible drilling rig made excellent progress at LH 17-2-1 with the drilling of the 12-1/4" section to 2,150 metres MD and current operations are preparations for running 9-5/8" casing. During drilling of the 12-1/4" section, elevated methane (C1) ranging from 227 parts per million ("ppm") to 15,440 ppm was recorded at the gas chromatograph during mudlogging. Negligible C2 and no C3 components were recorded. Higher values of methane (C1) ranging from 4,190 ppm to 15,440 ppm were recorded in the zone between 1,550 metres to 1,800 metres MD which was interpreted pre-drill to be a "gas cloud" zone. During the drilling of this section, EME was in regular communication with CNOOC to fully understand and cross check the significance of elevated methane (C1) against CNOOC discovery wells. CNOOC has confirmed comparable methane ranges in their oil discovery well LH 23-1-1d that is located 10km Southwest of the Jade prospect. LH 23-1-1d also exhibited a gas cloud on seismic data. The elevated methane readings to date have validated the Company's pre-drill interpretation of seismic data, including the presence of a gas cloud in overburden above the Jade prospect, a feature also present over the Topaz prospect. It is also the case that two dry wells drilled by AMOCO in the 1990s on the eastern flank of Empyrean's Block 29/11 permit area did not display any gas clouds nor did they have elevated methane (C1) whilst drilling the same geological formation. Based on the latest elevated methane (C1) readings, Empyrean has upgraded its internal Geological Chance of Success ("GCoS") for the Jade prospect from 41% to 65%. It has also upgraded the GCoS for its Topaz prospect from 35% to 47%. Announcement • Apr 14
Empyrean Energy Plc Provides Drilling Update At Jade Prospect Empyrean Energy Plc provided the update on drilling commencement on the Jade prospect at its 100% owned Block 29/11 permit, offshore China. Empyrean is the operator of Block 29/11 in China and has 100% working interest during the exploration phase. In the event of a commercial discovery, its partner, China National Offshore Oil Company ("CNOOC"), may assume a 51% participating interest in the development and production phase. The NH9 Semisubmersible drilling rig made excellent progress at LH 17-2-1 with the drilling of the 17-1/2" hole down to 1056 metres Measured Depth ("MD"), and current operations are preparation for running 13-3/8" casing. Following the setting of the 13-3/8" casing, the 12 -1/4" hole will be drilled down to 2140 metres MD. After setting the 9 ?" casing, the rig will drill ahead in the 8 ½" hole section through to Total Depth at 2860 metres MD. Announcement • Apr 12
Empyrean Energy Plc Commences Drilling At Jade Prospect At Block 29/11 Permit, Offshore China Empyrean Energy Plc provided the following update on drilling the Jade prospect at its 100% owned Block 29/11 permit, offshore China: drilling has commenced at the LH 17-2-1 well on Jade prospect on 10 April 2022. The NH9 Semisubmersible drilling rig has commenced operations at LH 17-2-1 with the drilling of the 36" surface hole down to 588 metres Measured Depth ("MD"), and current operations are installation of the 30" surface conductor. Following the setting of the surface conductor, the 17 ½" hole will be drilled down to 1050 metres MD and the 13 ?" casing will be set and cemented in place. The rig will then drill ahead in 12 ¼" hole to approximately 2140 meters MD before setting the 9 ?" casing. After setting the 9 ?" casing, the rig will drill ahead in the 8 ½" hole section through to the expected Total Depth ("TD") of the well at 2860 meters MD. During the drilling of the Jade well, are conducting Logging While Drilling ("LWD") operations and should encounter hydrocarbons in the main target zone will run additional Combo Logs to confirm any oil pay zones. If an oil pay zone is confirmed then the plan is to carry out flow testing operations on the oil pay zones. The 2021 drilling campaign is targeting a world class conventional oil target in the Jade Prospect, to which Gaffney Cline & Associates ("GCA") assigned a Geological Chance of Success ("GCoS") of 32%. Subsequent to this independent assessment, the Company completed a gas cloud study and post stack seismic inversion study that it believes further mitigates risk and increases the GCoS to 41%. The Jade Prospect has a GCA audited mean in place potential of 225 MMbbl and a P10 in place upside of 395 MMbbl. 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. Empyrean's excellent quality 3D seismic indicates that there is a classic "fill to spill" geological setup in the basin, and a robust regional seal, that provides the Jade and Topaz Prospects with a very real possibility of being filled in a similar fashion to nearby discoveries. The Jade and Topaz prospects both have gas clouds, similar to nearby discoveries, in the overburden on 3D seismic. Dry wells nearby do not have gas clouds. 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 MMbbl and a P10 in place upside of 1,588 MMbbl. The post stack seismic inversion study showed Jade and Topaz both have the potential for excellent carbonate buildup reservoir quality with excellent porosity and permeability. Any oil discovered is expected to be light oil in the 38-41 API range, similar to nearby discoveries. These attributes combined with the potential for exceptional natural reservoir drive supports the potential for excellent recovery rates. The objective of drilling the Jade well is to test for hydrocarbons down to the TD of the well at 2860 meters MD. Announcement • Apr 08
Empyrean Energy plc Provides Update on Preparations to Drill the Jade Prospect at its 100% Owned Block 29/11 Permit, Offshore China Empyrean Energy plc provided the following update on preparations to drill the Jade prospect at its 100% owned Block 29/11 permit, offshore China: HIGHLIGHTS: COSL owned NH9 rig has arrived safely on location at the Jade Prospect. Operations to anchor the rig on location have commenced. Spudding of LH 17-2-1 well over Jade Prospect is now anticipated to commence on or around 10 April. Empyrean is the operator of Block 29/11 in China and has 100% working interest during the exploration phase. In the event of a commercial discovery, its partner, China National Offshore Oil Company ("CNOOC"), may assume a 51% participating interest in the development and production phase. China Offshore Services Limited ("COSL") towed the NH9 rig to the Jade well location and is currently in the process of anchoring the rig in place. Once safely and securely anchored in place, preparations to rig up in preparation to spud the well will immediately follow. At this stage, it is anticipated that the well will spud on or around 10 April. A further update will be provided once the well spuds. Announcement • Apr 04
Empyrean Energy plc Announces Block 29/11, China - Nh9 Rig to Mobilise to Jade This Week Empyrean Energy plc provided the following update on preparations to drill the Jade prospect (the "Jade Prospect") at its 100% owned Block 29/11 permit, offshore China. Empyrean is the operator of Block 29/11 in China and has 100% working interest during the exploration phase. In the event of a commercial discovery, its partner, China National Offshore Oil Company ("CNOOC"), may assume a 51% participating interest in the development and production phase. The China Offshore Services Limited ("COSL") drilling team invited Empyrean and CNOOC EnerTech ("EnerTech") for a 'Drill Well On Paper" ("DWOP") meeting on 1 April 2022. COSL has prepared a thorough and comprehensive operational plan for the Jade well operations. Key operational points are as follows: Two onshore bases have been setup for helicopter to rig transfers, to provide an alternate and manage any shutdowns due to Covid. Drilling mud properties optimisation process has been finalized. Well-defined operational team structure has been setup with clear roles and responsibilities between EME, COSL and EnerTech. Various drilling services (including drilling fluid, cement, log tools, shipping vessels) are ready. Towing and navigational warning permit, a responsibility of COSL, is in hand. Stringent Covid protocols and policies are in place with entire drilling crew required to have negative PCR test 48 hrs before leaving home, followed by 4 days quarantine in central facilities and, finally, will need a negative PCR test before flying to rig. With the improvement in the weather, COSL has advised that up-anchor, rig mobilisation and then operations to anchor the rig at Jade will commence 6 April 2022. Safety protocols require sea conditions to be a 6 or less on the Beaufort Scale for towing and anchoring operations, which are expected to take 4 days in total. A further update will be provided once operations commence and a spud date estimate can be provided. The information contained in this announcement has been reviewed by Empyrean's Executive Technical director, Gaz Bisht, who has over 31 years' experience as a hydrocarbon geologist and geoscientist. Background Information on Jade and Topaz prospects: The Jade Prospect: The 2021 drilling campaign is targeting a world class conventional oil target in the Jade Prospect, to which Gaffney Cline & Associates ("GCA") assigned a Geological Chance of Success ("GCoS") of 32%. Subsequent to this independent assessment, the Company completed a gas cloud study and post stack seismic inversion study that it believes further mitigates risk and increases the GCoS to 41%. The Jade Prospect has a GCA audited mean in place potential of 225 MMbbl and a P10 in place upside of 395 MMbbl. 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 Topaz Prospect: Following any potential success at the Jade Prospect, Empyrean would like to drill the much larger Topaz Prospect, to which Gaffney Cline & Associates ("GCA") assigned a Geological Chance of Success ("GCoS") of 30%. Subsequent to this independent assessment, the Company completed a gas cloud study and post stack seismic inversion study that it believes further mitigates risk and increases the GCoS to 35%. Further, any discovery at the upcoming Jade well significantly increases the geological chance of success at Topaz. The Topaz Prospect has GCA audited mean in place potential of 434 MMbbl and a P10 in place upside of 891 MMbbl. 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. Empyrean's excellent quality 3D seismic indicates that there is a classic "fill to spill" geological setup in the basin, and a robust regional seal, that provides the Jade and Topaz Prospects with a very real possibility of being filled in a similar fashion to nearby discoveries. The Jade and Topaz prospects both have gas clouds, similar to nearby discoveries, in the overburden on 3D seismic. Dry wells nearby do not have gas clouds. 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 MMbbl and a P10 in place upside of 1,588 MMbbl. The post stack seismic inversion study showed Jade and Topaz both have the potential for excellent carbonate buildup reservoir quality with excellent porosity and permeability. Any oil discovered is expected to be light oil in the 38-41 API range, similar to nearby discoveries. These attributes combined with the potential for exceptional natural reservoir drive supports the potential for excellent recovery rates. Announcement • Mar 31
Empyrean Energy plc Provides Block 29/11, China – Jade Drilling Update Empyrean Energy plc provided the following update on preparations to drill the Jade prospect at its 100% owned Block 29/11 permit, offshore China: Safety inspection at the China Oilfield Services Limited ("COSL") owned NH9 drill rig have been completed and the rig is cleared and ready for mobilisation to the Jade well location. High winds and seas have required a re-scheduling of up-anchor, mobilisation and anchoring at the Jade well location to meet strict safety protocols. The NH9 rig is still safely anchored at the CNOOC well location pending suitable operable weather conditions. The long range forecast looks suitable. Empyrean is the operator of Block 29/11 in China and has 100% working interest during the exploration phase. In the event of a commercial discovery, its partner, China National Offshore Oil Company ("CNOOC"), may assume a 51% participating interest in the development and production phase. Following handover of the rig, safety inspections have been carried out and the NH9 rig is now cleared to move to the Jade well location pending suitable safe sea conditions. The NH9 rig has been used to drill a well for CNOOC immediately preceding mobilisation to Jade. The NH9 rig is still on location at the CNOOC well. COSL will provide a new anticipated spud date once sea conditions improve and operations can re-commence. Safety protocols require sea conditions to be a 6 or less on the Beaufort Scale for towing and anchoring operations expected to take 4 days in total. Empyrean and the CNOOC EnerTech team have taken every precaution to plan for a safe drilling campaign at Jade. The COSL owned NH9 rig and its drilling team are 'drill fit' and the NH9 rig will be mobilised straight to the Jade well location from its current position without the need to go back to port. From the spud date, the Jade well is anticipated to take approximately 26 days to drill to Total Depth on a trouble free basis. There are no overly challenging drilling zones anticipated with the Jade well design and program. If the Jade well intercepts a hydrocarbon zone, as anticipated, then testing is planned to take approximately a further 2 weeks. Announcement • Mar 07
Empyrean Energy plc Provides the Following Update on Preparations to Drill the Jade Prospect At Its 100% Owned Block 29/11 Permit, Offshore China Empyrean Energy plc provided the following update on preparations to drill the Jade prospect at its 100% owned Block 29/11 permit, offshore China. Empyrean is the operator of Block 29/11 in China and has 100% working interest during the exploration phase. In the event of a commercial discovery, its partner, China National Offshore Oil Company, may assume a 51% participating interest in the development and production phase. After a sustained period of unsuitable weather, the Company is extremely pleased to confirm that the COSL survey team has taken advantage of a small operable weather window and has successfully completed the well site survey at the Jade Prospect. The survey included a number of gravity samples and an analogue survey over the Jade Prospect drill location and rig anchoring points. While the Company awaited suitable weather conditions over the past months the CNOOC EnerTech team has been working efficiently and has secured seven of the eight critical pre-drilling permits. With the completion of the well site survey the Company can now quickly lodge the application for the final permit to drill the Jade Prospect. Empyrean is now in discussions to confirm a final drill rig slot using the COSL owned NH9 rig that is currently drilling a well for CNOOC in the region and expects to announce the targeted spud date for the Jade Prospect well as soon as these negotiations complete and scheduling becomes clear. The 2021 drilling campaign is targeting a world class conventional oil target in the Jade Prospect, to which Gaffney Cline & Associates assigned a Geological Chance of Success of 32%. Subsequent to this independent assessment, the Company completed a gas cloud study and post stack seismic inversion study that it believes further mitigates risk and increases the GCoS to 41%. The Jade Prospect has a GCA audited mean in place potential of 225 MMbbl and a P10 in place upside of 395 MMbbl. 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. Empyrean's excellent quality 3D seismic indicates that there is a classic "fill to spill" geological setup in the basin, and a robust regional seal, that provides the Jade and Topaz Prospects with a very real possibility of being filled in a similar fashion to nearby discoveries. The Jade and Topaz prospects both have gas clouds, similar to nearby discoveries, in the overburden on 3D seismic. Dry wells nearby do not have gas clouds. 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 MMbbl and a P10 in place upside of 1,588 MMbbl. The post stack seismic inversion study showed Jade and Topaz both have the potential for excellent carbonate buildup reservoir quality with excellent porosity and permeability. Any oil discovered is expected to be light oil in the 38-41 API range, similar to nearby discoveries. These attributes combined with the potential for exceptional natural reservoir drive supports the potential for excellent recovery rates. The information contained in this announcement has been reviewed by Empyrean's Executive Technical director, Gaz Bisht, who has over 31 years' experience as a hydrocarbon geologist and geoscientist. Announcement • Jan 24
Empyrean Energy plc Provides Cyber Fraud Update Empyrean Energy plc provided the following update to the Cyber Fraud outlined in the announcement of 16 December 2021. Empyrean has commenced legal proceedings in the Singapore courts against the company believed to have committed the cyber fraud and has obtained an injunction order on 21 January 2022 against the fraudster to freeze its assets and obtain further banking information. Empyrean will take the necessary steps and is taking legal advice for the purpose of pursuing recovery of the funds involved in the fraud. Empyrean will continue to cooperate with the Singapore Police investigation into the fraud. Empyrean has taken the steps above, upon legal advice, in order to escalate the recovery process. Announcement • May 07
Empyrean Energy Provides the Update on Well Design and Engineering Work for the Jade Prospect on Block 29/11, Offshore China Empyrean Energy provided the following update on well design and engineering work for the Jade prospect on Block 29/11, offshore China. On 23 April 2021, Empyrean announced that the Company had commenced comprehensive planning for the drilling of the Jade prospect in order to ensure a safe and secure drilling campaign and had awarded a contract to AGR's team in Australia to assist with well planning. AGR has now completed the well design and engineering project, and provided Empyrean with its detailed report. The AGR team completed a comprehensive review of offset wells in the vicinity of the Jade prospect, which includes four CNOOC wells. Two well design options were identified, including a three-string (casing) design and a four-string (casing) design in a success case. AGR has recommended the four-string design as it provides a more robust well design with reduced exposure to potential unplanned events and associated costs. Key Benefits of the four-string design include: The surface casing shoe can be set shallower to provide sufficient kick tolerance reducing the risk of surface hole problems, or requirement for a pump and dump mud and associated costs. Reduced risk of hole problems while drilling the final hole section that can lead to difficulties evaluating target formations and /or results in a contingency casing string across the reservoir in the success case. Planning for contingent testing equipment for this scenario would be required, reducing the cost benefits associated with string elimination. Reduced risk of complications during abandonment operations due to failure to achieve sufficient annular cement if the production string is run/cemented. Based on AGR analysis and recommendation, EME management has decided to plan for a four-string design for the Jade prospect well. In addition, the AGR report has provided a comprehensive design recommendation for drilling fluids, cement and abandonment for the well. Abandonment of the exploration and appraisal wells is a requirement even in the success case. The plan is to drill and test the Jade prospect. Following a successful test, a subsequent appraisal well would be drilled and core taken to assist with development planning. Following development approval, subsequent wells are designed for production. Announcement • Jan 12
Empyrean Energy Ordinary Shares to Be Deleted from Other OTC Empyrean Energy Plc Ordinary Shares (United Kingdom) will be deleted from Other OTC effective from January 12, 2021, due to Inactive Security. 
