Empyrean Energy PLC Duyung PSC, Ops Update - Tambak 2 Well Spud (7892O)
2019年10月4日 - 4:00PM
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RNS Number : 7892O
Empyrean Energy PLC
04 October 2019
This announcement contains inside information
Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil &
Gas
4 October 2019
Empyrean Energy PLC ("Empyrean" or the "Company")
Duyung PSC, Operational Update - Tambak 2 Well Spud
Empyrean Energy Plc, the oil and gas development company with
interests in China, Indonesia and the United States, is pleased to
provide an operational update in relation to the upcoming drilling
campaign in the Duyung PSC in the West Natuna basin, offshore
Indonesia, in which Empyrean holds an 8.5% interest.
As previously advised, the drilling rig Asian Endeavour-1 jack
up rig was mobilised from Singapore on 24th September 2019 and has
been on location since Monday 30th September. Empyrean has been
advised that pre-loading of equipment and supplies for the two well
programme has now completed and drilling of the Tambak-2 well has
commenced.
The Tambak-2 well is primarily designed as an appraisal of the
southern area of the Mako gas field. The well, which is a very
large step out (over 13 km) south of the Mako South-1 location,
will be drilled as a vertical well and is prognosed to intersect
the intra-Muda reservoir up dip from the Mako South-1 well, at a
depth of approximately 380 metres below sea level. The well is
planned to total depth at approximately 595 metres below sea level.
A full reservoir evaluation programme is planned, including an
extensive suite of logs, coring and open hole testing, in order to
derive as much information as possible about the Mako gas field
reservoir.
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. These resource estimates will
be updated post completion of the drilling programme.
Total time to drill, core, log and test is estimated to be
approximately 33 days, after which the rig is then planned to move
to the Tambak-1 location. The gross cost of the two well programme
is expected to be approximately $17MM-19MM to the PSC partners on a
fully tested basis, including rig mobilisation and de-mobilisation,
for which Coro Energy Plc ("Coro") is funding US$10.5MM. Empyrean
will fund 8.5% of the additional drilling campaign costs over and
above the Coro funding.
The information contained in this announcement has been reviewed
by Empyrean's Executive Technical director, Gaz Bisht, who has over
29 years' experience as a hydrocarbon geologist and
geoscientist.
**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
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
The Mako Gas Field, Duyung PSC, Offshore Indonesia
The Mako gas field is an extremely large, shallow structural
closure, with an area extent of over 350 square km. The reservoir
is a Pliocene-age sandstone, with a gas-water contact at
approximately 391m true vertical depth sub-sea. The field has
excellent seismic definition with direct hydrocarbon indicators
being very evident.
Having been drilled but not tested by prior operators of the
acreage, the commercial viability of the Mako gas field was
demonstrated by the Mako South-1 well drilled by Empyrean and its
partner and operator, Conrad Petroleum Limited in 2017. The well
was drilled to core and test the Mako reservoir, flowing up to 10.8
MMscf/d of dry gas on test. Overall four wells have penetrated the
reservoir section, and while further appraisal is planned given the
huge areal extent of the field, the reservoir distribution is
reasonably well understood.
The Mako field is located in the prolific West Natuna basin,
approximately 16 km from the WNTS pipeline system which delivers
gas from Indonesia to Singapore. A plan of development has recently
been approved by Indonesian authorities and initial gas marketing
discussions have commenced, with a gas buyer in Singapore for the
Mako gas. An independent report on the field's potential was
recently carried out by Gaffney Cline & Associates, giving a 2C
recoverable resource assessment of 276 Bcf and 392 Bcf of 3C
recoverable resources.
Near Field Exploration Potential, To Be Tested in 2019
A series of prospects both beneath and above the Mako field have
been mapped. Of particular note is the Tambak (formerly 'Mako
Deep') prospect, a Lower Gabus structure that sits beneath the
northern end of the Mako field. The target interval within Tambak
exhibits seismic amplitude brightening, conformable with structural
closure. The prospect has a prospective resource range of 200 to
300 Bcf with a mid-case 250 Bcf and a CoS of 45%.
At the southern end of the field, over the structure's crest,
sits the Mako Shallow prospect. This again shows a very strong
direct hydrocarbon indicators on seismic, conformable with closure
in shallow Muda sandstones. The Shallow Muda prospect has potential
to add a further 100 Bcf of recoverable resources and a very high
CoS of 75%.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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