Empyrean Energy has awarded a contract for the well site survey over the Jade prospect to China Oilfield Services Limited ("COSL") on Block 29/11, offshore China.

HIGHLIGHTS

• Well site survey contract awarded to COSL
• Comprehensive scope of the survey agreed with COSL
• Survey to commence in Late October 2021

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.

In preparation for spudding of the Jade prospect well in mid-December 2021, the Company has agreed a comprehensive scope for the survey with COSL.

The objective of the well site survey is to identify all possible constraints and hazards including man-made, natural and geological features which may affect the operational or environmental integrity of a proposed drilling operation. In addition, the survey is designed to provide sufficient data to fully assess potential top-hole drilling hazards at the proposed well location and to ensure the rig can be secured safely onsite.

The survey is scheduled to commence in late October 2021, subject to a safe weather window for operations.

KeyFacts Energy: Empyrean China country profile