In a statement, the company told investors that it has awarded a contract to AGR which will assist with well planning and engineering.
The company has asked AGR to consider a number of well design options after comprehensive analysis of offset wells, concluding with a recommendation for well design.
Using a software platform AGR will quantify and demonstrate the various risks specific to each operation, to support well planning and to assist in the assessment of quotes for drilling the Jade prospect.
The initial work on well design will be completed in the coming weeks, the company added.
“We are excited about commencing comprehensive planning for drilling our first well in China,” said chief executive Tom Kelly.
“Drilling the world-class Jade prospect will herald a new phase in the history of the company as we become an operator of an exciting drilling campaign.
“Jade will be our first well drilled and is one of three large conventional oil targets next door to a billion barrel oilfield within the energy hungry Chinese market.
“We have selected AGR for the well design and engineering project as they have a long and comprehensive experience across 6 continents with industry specialists that have a long history of subsurface expertise.”