LONDON (ShareCast) - (Sharecast News) - Oil and gas development company Empyrean Energy 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 estimates over the Jade, Topaz and Pearl prospects located in Block 29/11 in the Pearl River Mouth Basin, China, it announced on Wednesday.
The AIM-traded firm has a 100% working interest in the prospects.

As it announced on 6 June, based on comprehensive seismic interpretation of fully-processed 3D data, an internal company estimate indicated a total preliminary prospective resources best estimate of 774 MMbbl for the three prospects.

GCA was performing an independent audit on a data set of technical information made available to it by Empyrean, including details of licence interests and agreements, geological and geophysical data, interpretations and technical reports.

Empyrean said GCAʼs work would include all checks and estimates as considered necessary to independently audit the oil initially in place range.

The results would be provided as probabilistic analysis, with the independent audit expected to be completed by October.

"The third-party Independent STOIIP Audit of the Block 29/11 prospects is an important process to provide independent confirmation of the potential of these large prospects," said Empyrean chief executive officer Tom Kelly.

"We look forward to updating the market with GCA's findings as soon as they come to hand."

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