Oil and gas explorer Empyrean Energy has confirmed the presence of a new prospect named Pearl following preliminary internal interpretation of raw 3D seismic data procured from Block 29/11 in offshore China.
The company has also confirmed the structural validity and the potential size of Jade and Topaz prospects, which are also located in the same region.
The best oil estimates of the three prospective resources are 103 million barrels, 365 million barrels, and 123 million barrels.
Empyrean Energy CEO Tom Kelly said: "Empyrean is excited to confirm that, based on our internal preliminary analysis, Block 29/11 contains prospects of truly significant scale and size.
"That the three priority targets have a cumulative mean potential to contain 591 million barrels of oil is a great early result from the 3D seismic data recently acquired.
"We will obtain better resolution and imaging from the full processing of data, a process which is underway and the results of which will be announced in due course, but these early results greatly exceed our expectations and the data quality is excellent."
Empyrean holds 1,800km² offshore oil permit in the Pearl River Mouth Basin, China, where it commenced the 3D seismic survey in the second quarter of this year.
The survey was aimed at further maturing Jade and Topaz prospects located within the region.
Along with the operatorship, the company owns 100% of the exploration rights on the area through to commercial discovery, when CNOOC has a back-in right to 51%.