Empyrean Energy PLC Mako Gas Project - Updated Plan of Development (2501J)
2020年12月21日 - 4:00PM
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RNS Number : 2501J
Empyrean Energy PLC
21 December 2020
Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil &
Gas
Empyrean Energy Plc
Mako Gas Project - Updated Plan of Development (Mako POD) with a
significant uplift in Gas-in-place
21 December 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 advise that further,
significant work has now been completed to update the Plan of
Development in respect of the Mako Gas Field (the "Mako POD"),
specifically by incorporating important and extensive data
collected during the highly successful appraisal drilling
program.
Empyrean is pleased that SKK Migas (the Indonesian regulator)
has accepted the significantly uplifted estimates of gas in place
("GIIP"), which are broadly in line with the independent resource
audit by Gaffney Cline and Associates completed and announced in
May 2020, and that these volumes will form part of the updated Mako
POD, which is currently being prepared.
SKK Migas Accepted Mako Gas in Place for updated Mako POD
GROSS (100%) GIIP (BSCF) Updated
Reservoir Low Best High
---------- ------------ -----------
Upper Sand 358 525 687
---------- ------------ -----------
Lower Sand 26 41 78
---------- ------------ -----------
Total 384 566 766
---------- ------------ -----------
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 negotiations in
relation to a gas sales agreement will mark a further important
step toward the final investment decision to develop and
commercialise the field.
Empyrean CEO, Tom Kelly, stated:
" The highly successful appraisal program has resulted in a
significant increase in resources at the Mako Gas Field. The
operator Conrad and the joint venture partners are working
diligently through all of the practical steps to put this exciting
project into production. "
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
First Equity Limited (Joint
Broker)
Jason Robertson Tel: +44 (0) 20 7330 1883
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.
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END
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