April 13, 2022

Empyrean Energy provided the following update on drilling the Jade prospect at its 100% owned Block 29/11 permit, offshore China:
· LH 17-2-1 well spudded on Jade prospect at 19:30 on 10 April 2022
· 36″ surface hole was drilled down to 588 metres
· Current operations are installation of the 30″ surface conductor
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. Empyrean is pleased to announce that drilling has commenced at the LH 17-2-1 well on Jade prospect at 19:30 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. During the drilling of the Jade well, Empyrean is conducting Logging While Drilling operations and 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 assigned a Geological Chance of Success of 32%. 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.
Block 29/11 is a large block – 1806 square kilometres – located in the prolific Pearl River Mouth Basin, offshore China, approximately 200km Southeast of Hong Kong.
Empyrean Energy, headquartered in Australia, is currently focused on three cornerstone assets with transformational potential: Block 29/11 offshore China; the Duyung PSC offshore Indonesia and a multi project participating interest in the Sacramento Basin, California.
(Source: Jade Energy)