Empyrean Energy PLC Operational Update - Tambak -1 Well Spud (1200S)
2019年11月4日 - 5:00PM
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RNS Number : 1200S
Empyrean Energy PLC
04 November 2019
This announcement contains inside information
Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil &
Gas
4 November 2019
Empyrean Energy PLC ("Empyrean" or the "Company")
Duyung PSC, Operational Update - Tambak -1 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.
Following the successful appraisal at Tambak-2, the Asian
Endeavour-1 jack up rig has been on location since Friday 1st
November and drilling of the Tambak-1 well has commenced. The
Tambak-1 well is located approximately 4.5 km north of the Mako
South-1 location and is designed to both appraise the extent of the
Mako gas field as well to test the underlying Tambak prospect. The
well will be drilled as a vertical well and is prognosed to
intersect the top of the intra-Muda reservoir at a depth of
approximately 1,276 feet below sea level. The well will be deepened
below the base Muda unconformity (at a depth of approximately 1,696
feet) to test the underlying Lower Gabus section.
The well is planned to total depth at approximately 4,500 feet
below sea level.
Total time to drill, log and test in the event of success is
estimated to be approximately 33 days, after which the well will be
plugged and abandoned and the rig de-mobilised.
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
30 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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