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Mako Gas Field appraisal & drill programme
Mako Gas Field appraisal & drill programme.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3222X Empyrean Energy PLC 29 April 2019 \n\nThis announcement contains inside information\n \nEmpyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas\n \nEmpyrean Energy PLC (\"Empyrean\" or the \"Company\")\nMako Gas Field appraisal and exploration drilling programme \n \n29 April 2019 \n \nEmpyrean Energy Plc (\"Empyrean\"), the oil and gas development company with interests in China, Indonesia and the United States, is pleased to advise that Empyrean, Conrad Petroleum, and Coro Energy Plc (the \"Partners\") have agreed the upcoming drilling programme in the Duyung Production Sharing Contract (\"PSC\") in the West Natuna basin, offshore Indonesia which contains the Mako gas field. The campaign will comprise two wells, one exploration well designed to test the Tambak prospect beneath the central area of the Mako gas field, and one appraisal well designed to appraise the intra-Muda sandstone reservoir in the southern area of the Mako field. The drilling campaign is anticipated to start in the 4th quarter of 2019, with each well taking approximately 33 days to drill and test. The gross cost of the programme is expected to be approximately US$17 MM to the Partners on a fully tested basis, including rig mobilisation and de-mobilisation. As part of the deal to acquire its 15% interest in the PSC, Coro Energy Plc will be contributing US$10.5 MM to the total cost of the drilling campaign with the balance to be covered by the Partners pro rata to their respective interests. Empyrean has an 8.5% interest in the PSC.\nThe Tambak prospect is an inverted anticlinal structure located beneath the main Mako gas field in the central area of the field. The prospect contains approximately 250 Bcf of prospective resources in the mid-case and is risked at a 45% chance of success. The well will be drilled to a total depth of approximately 1,370 metres true vertical depth sub-sea (\"TVDSS\"), with a testing suite planned for both the intra-Muda Mako reservoir level as well as the Lower Gabus prospective target horizons.\nThe second well in the programme, is an appraisal well which is designed to intersect the intra-Muda reservoir at approximately 380 metres TVDSS. A full evaluation suite including coring, wireline logging and open hole testing of the reservoir section is planned. The wel...