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Mako Gas - Approval of Updated Plan of Development
Mako Gas - Approval of Updated Plan of Development.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \n \n \n This announcement contains inside information\n \n \n \n \n \n \n \n \n Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas\n \n \n \n \n 8 November 2022\n \n \n \n \n \n Empyrean Energy PLC ('Empyrean' or 'the Company')\n \n \n \n \n \n \n \n \n \n Mako Gas Project - Approval of Updated Plan of Development\n \n \n \n \n \n \n Empyrean Energy plc (EME: AIM), the oil and gas development company with interests in China, Indonesia and the United States, advises\n that the Indonesian Ministry of Energy and Mineral Resources has now approved the updated Plan of Development for the Mako Gas Project within the Duyung PSC (the \"Updated Mako PoD\"). Details of the Updated Mako PoD were announced by the Company on 9 September 2022.\n \n \n \n \n \n Highlights\n \n \n ·\n Indonesian Government has approved the Updated Mako PoD, representing an important milestone in the Mako Gas Project's development.\n \n \n \n ·\n Updated Mako PoD based upon Contingent Duyung PSC Resources of 384 billion cubic feet gross within the Duyung PSC area which represents some 297 billion cubic feet net attributable* to 100% of the Duyung PSC Joint Venture.\n \n \n \n ·\n Indonesian government approval to export up to 100% of gas production to Singapore.\n \n \n \n \n \n ·\n The Operator is targeting production from the Mako Gas Project to commence in 2025 under the Updated Mako PoD at up to 120 million cubic feet of gas per day.\n \n \n \n ·\n \n Empyrean holds a 8.5% interest in the Duyung PSC in which the Mako Gas Project is located.\n \n \n \n \n \n \n ·\n Development of the Mako Gas Project will be in line with Indonesia's stated objective of doubling domestic gas production by 2030.\n \n \n \n \n \n ·\n Importation of pipeline gas would provide secure and reliable energy to Singapore that is less carbon intensive than LNG. \n \n \n The Updated Mako PoD amends an initial Mako Gas Project PoD approved in 2018 to reflect, inter alia, previously announced increases in Contingent Resources following a successful 2019 drilling campaign. The award of the revised POD represents a material event in progressing the Mako Gas Project and is a significant milestone on the critical path to developing this significant resource, which is currently the la...