Empyrean Energy PLC Mako Resource Audit Confirms Significant Upgrade (9075N)
2020年5月26日 - 3:01PM
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RNS Number : 9075N
Empyrean Energy PLC
26 May 2020
This announcement contains inside information
Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil &
Gas
Empyrean Energy Plc
Mako Resource Audit Confirms Significant Upgrade
26 May 2020
Empyrean Energy Plc ("Empyrean" or the "Company"), the oil and
gas exploration and development company with interests in China,
Indonesia and the United States, is pleased to announce the results
of an independent resource audit by Gaffney Cline and Associates
("GCA") of the Mako gas field, which forms part of Duyung PSC in
the West Natuna Basin, offshore Indonesia ("Mako" or "Mako Gas
Field"), in which Empyrean holds an 8.5% non-operated interest.
Highlights
-- Independent audit by GCA confirms significant resource upgrade
-- Mako confirmed as one of the largest gas fields ever discovered in West Natuna Basin
-- Mako confirmed as the largest undeveloped gas resource in the immediate region
-- GCA audited 2C contingent resource estimate of 495 Bcf, up 79% from previous GCA estimate
-- GCA audited 3C contingent resource estimate of 817 Bcf, up 108% from previous GCA estimate
Following a highly successful drilling campaign undertaken in Q4
2019, the operator of the Duyung PSC, Conrad Petroleum Ltd (the
"Operator"), engaged GCA to complete an independent resource audit
for the Mako Gas Field, further to the updated resource estimates
prepared by the Operator detailed in the Company's announcement on
14 April 2020.
GCA has now completed its audit (the "2020 GCA Audit"), which
confirms a significant resource upgrade for the Mako Gas Field
compared to its previous resource assessment released in January
2019 (the "2019 GCA Audit"). 2C (contingent) recoverable resource
estimates have been increased to 495 Bcf, an increase of
approximately 79% compared with the 2019 GCA Audit and confirming
the work completed by the Operator and partners. In the upside
case, the 3C (contingent) resources have increased by approximately
108% compared with the 2019 GCA Audit and GCA's assessment is also
significantly higher than the 3C estimate made by the Operator and
partners in April 2020. With the latest upgrade, Mako has been
shown to be one of the largest gas fields ever discovered in the
West Natuna Basin, and is currently by far the largest undeveloped
resource in the immediate area.
Results of the updated resource audit
The revised estimates of gross (full field) recoverable dry gas
audited in the 2020 GCA Audit are:
Contingent Resource 2019 GCA Audit 2020 GCA Audit Increase
Estimates
Bcf Bcf %
--------------- --------------- ---------
1C (Low Case) 184 287 56
--------------- --------------- ---------
2C (Mid Case) 276 495 79
--------------- --------------- ---------
3C (High Case) 392 817 108
--------------- --------------- ---------
The full field resources above are classified in the 2020 GCA
Audit as contingent. Gas volumes are expected to be upgraded to
reserves when certain commercial milestones are achieved, including
execution of a gas sales agreement ("GSA") and a final investment
decision ("FID").
The Mako Gas Field is located close to the West Natuna pipeline
system and gas from the field can be marketed to buyers in both
Indonesia and in Singapore. A Heads-of-Agreement with a gas buyer
in Singapore is already in place. The conclusion of GSA
negotiations will mark a further important step toward the FID to
develop and commercialise the field. Further updates will be
provided in due course.
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.
Empyrean CEO, Tom Kelly, stated:
"The Gaffney Cline and Associates independent audit results are
extremely positive in that they not only endorse the internal
assessment of 2C contingent resources by the Operator, but they
also provide a significantly higher 3C contingent resource upside
case over and above the Operator's own assessment. It is not often
that you get an independent expert providing a more optimistic
upside case. The results are a credit to the Conrad team and the
joint venture. The Mako Gas Field has now become strategically
important in that it is approximately 0.5 Tcf of high quality
pipeline methane, close to existing infrastructure and well
established markets, now confirmed as the largest undeveloped gas
resource in the immediate region."
For further information please contact the following:
Empyrean Energy plc
Tom Kelly Tel: +61 8 6146 5325
Cenkos Securities plc
Neil McDonald Tel: +44 (0) 131 220 9771
Pete Lynch Tel: +44 (0) 131 220 9772
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END
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