Empyrean Energy PLC Mako Gas Field appraisal & drill programme (3222X)
2019年4月29日 - 3:01PM
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RNS Number : 3222X
Empyrean Energy PLC
29 April 2019
This announcement contains inside information
Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil &
Gas
Empyrean Energy PLC ("Empyrean" or the "Company")
Mako Gas Field appraisal and exploration drilling programme
29 April 2019
Empyrean Energy Plc ("Empyrean"), the oil and gas development
company with interests in China, Indonesia and the United States,
is pleased to advise that Empyrean, Conrad Petroleum, and Coro
Energy Plc (the "Partners") have agreed the upcoming drilling
programme in the Duyung Production Sharing Contract ("PSC") in the
West Natuna basin, offshore Indonesia which contains the Mako gas
field. The campaign will comprise two wells, one exploration well
designed to test the Tambak prospect beneath the central area of
the Mako gas field, and one appraisal well designed to appraise the
intra-Muda sandstone reservoir in the southern area of the Mako
field. The drilling campaign is anticipated to start in the 4(th)
quarter of 2019, with each well taking approximately 33 days to
drill and test. The gross cost of the programme is expected to be
approximately US$17 MM to the Partners on a fully tested basis,
including rig mobilisation and de-mobilisation. As part of the deal
to acquire its 15% interest in the PSC, Coro Energy Plc will be
contributing US$10.5 MM to the total cost of the drilling campaign
with the balance to be covered by the Partners pro rata to their
respective interests. Empyrean has an 8.5% interest in the PSC.
The Tambak prospect is an inverted anticlinal structure located
beneath the main Mako gas field in the central area of the field.
The prospect contains approximately 250 Bcf of prospective
resources in the mid-case and is risked at a 45% chance of success.
The well will be drilled to a total depth of approximately 1,370
metres true vertical depth sub-sea ("TVDSS"), with a testing suite
planned for both the intra-Muda Mako reservoir level as well as the
Lower Gabus prospective target horizons.
The second well in the programme, is an appraisal well which is
designed to intersect the intra-Muda reservoir at approximately 380
metres TVDSS. A full evaluation suite including coring, wireline
logging and open hole testing of the reservoir section is planned.
The well will provide an important calibration point for the
southern area of the field and is planned to demonstrate further
contingent resource, which in turn will support the gas marketing
efforts. An independent review by Gaffney Cline & Associates
ascribed gross 2C resources of 276 Bcf (48.78 MMboe) of recoverable
dry gas in the Mako field with gross 3C resources of 392 Bcf (69.3
MMboe) representing additional field upside.
Empyrean CEO, Tom Kelly commented "Empyrean looks forward to
this exciting drilling programme that is designed to both appraise
the existing Mako Gas Discovery as well as testing the deeper
Tambak exploration prospect. This programme is a crucial step in
the Plan of Development for Mako and paves the way for completion
of gas sales negotiations as well as potentially increasing
resources at Mako and possibly below the Mako discovery.
"This is an exciting period for the Company. In addition to the
upcoming drilling campaign at Duyung, progress is being made across
our asset base. At our 100% owned Block 29/11 in the Pearl River
Mouth Basin offshore China, an independent review recently assigned
a 1-in-3 chance of geological success and over a billion barrels of
potential oil in-place on a P10 basis un-risked to the Jade and
Topaz prospects. With such a diversified portfolio, I believe that
we have a very solid foundation for growth and I look forward to
providing further updates on our progress."
**ENDS**
For further information:
Empyrean Energy plc
Tom Kelly Tel: +61 8 9380 9920
Cenkos Securities plc
Neil McDonald Tel: +44 (0) 131 220 9771
Beth McKiernan Tel: +44 (0) 131 220 9778
Pete Lynch Tel: +44 (0) 131 220 9772
St Brides Partners Ltd
Priit Piip Tel: +44 (0) 20 7236 1177
Frank Buhagiar Tel: +44 (0) 20 7236 1177
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END
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