Empryean Energy engages third-party independent audit of Block 29/11, China

SUBIACO, Western Australia -- Empyrean Energy, the oil and gas development company with interests in China, Indonesia and the United States, has announced that it has engaged Gaffney, Cline & Associates (GCA), a global oil and gas consulting agency, to complete a third-party independent audit of oil initially in place (STOIIP Audit) estimates over the Jade, Topaz and Pearl prospects, in Block 29/11, in the Pearl River Mouth basin, China, in which the Company has a 100% working interest.

As announced on June 6, 2018, based on comprehensive seismic interpretation of fully processed 3D data an internal Company estimate has indicated total Preliminary Prospective Resources (Best) Estimate of 774 MMbbl for the three prospects. GCA is performing an independent audit on a data set of technical information made available to GCA by Empyrean, including details of license interests and agreements, geological and geophysical data, interpretations and technical reports. GCAʼs work will include all checks and estimates as considered necessary to independently audit the oil initially in place range. The results will be provided as probabilistic analysis with P90², P50³ and P104 STOIIP. The Independent STOIIP Audit is expected to be completed by GCA by October 2018.