Topaz Energy owner joins Empyrean board of directors
- Business & Finance
London-listed oil and gas company Empyrean Energy has appointed Gajendra Gaz Bisht as a director of the company with immediate effect.
Bisht is the owner of Topaz Energy Pty Ltd and a petroleum geologist and geoscientist who, over the last ten years, worked closely with the China National Offshore Oil Corporation (CNOOC), Roc Oil Company Limited, and AWE Limited.
According to Empyrean’s statement on Wednesday, he was initially responsible for introducing to the company the opportunity to evaluate and formally bid for Block 29/11 in the Pearl River Mouth Basin, offshore China, and will continue to be primarily responsible for the company’s operations in China.
In related news, Empyrean Energy last week began a 3D seismic survey on its 100 percent owned Block 29/11.
The company also said on Wednesday that Bisht would support Frank Brophy, the company’s technical director, in all of Empyrean’s other appraisal and exploration projects.
Empyrean further added that an agreement was reached between Topaz Energy and Frank Brophy. According to conditions of the deal, Topaz will transfer 5,000,000 ordinary shares in Empyrean to Brophy for nil consideration.
Following the arrangement, Topaz Energy holds 31,250,000 ordinary shares, equal to 8.3 percent, while Frank Brophy holds 9,033,000 shares, equal to a 2.4 percent stake in Empyrean. The transfer of the shares happened only a day after Gaz Bisht increased Topaz Energy’s holding in Empyrean to 36,250,000 shares, representing 9.66% of issued share capital.
When it comes to Empyrean’s other operations, an appraisal well will be drilled soon at the Mako prospect located in the Duyung Production Sharing Contract off Indonesia where Empyrean holds 10% interest. The acreage is operated by Conrad Petroleum.