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Empyrean Energy

Cenkos: Empyrean Energy Plc - Chinese Treasure

Empyrean Energy is an international oil and gas company with a diverse portfolio of assets encompassing the full oil and gas lifecycle. The Company's foremost project is the exploration of Block 29/11, offshore China, with gross best case prospective resource of 774 million barrels (mmbbls). Beyond this, the Company is engaged in the appraisal and development of the Mako gas discovery in Indonesia, with 2C contingent resources of 373bcf and the exploration and production of gas within the prolific Sacramento Basin in California. With the recent uplift in prospective resources and oil migration study confirming the potential of Block 29/11, and with further upside potential in Mako Deep and Dempsey 1-15 coming onstream, these are exciting times for Empyrean. The next 12 months could be transformational for Empyrean. Foremost to the value proposition is the continued de-risking of the highly prospective Block 29/11, with the Company employing Gaffney Cline to undertake a third-party certification of the prospective resources. The Company will also continue to progress the development of the Mako gas discovery, whilst further delineating the high impact Mako Deep exploration target, which could be targeted via a 2019 high impact dual purpose exploration/appraisal well. In California, the Company will be drilling the low cost, high impact Alvares structure, with prospective resources of over 2tcf. We believe Empyrean offers a low-cost entry to investors seeking exposure to conventional, low cost onshore US production, with high impact international exploration. We initiate coverage with a price target of 20p and a BUY recommendation.

  • 20 Sep 18
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