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Mako Resource Audit Confirms Significant Upgrade
Mako Resource Audit Confirms Significant Upgrade.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 9075N\n Empyrean Energy PLC\n 26 May 2020\n \n \n \n \n This announcement contains inside information\n \n \n \n \n \n Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil & Gas\n \n \n \n \n \n Empyrean Energy Plc\n \n \n \n \n \n Mako Resource Audit Confirms Significant Upgrade\n \n \n 26 May 2020\n \n \n \n \n \n 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.\n \n \n \n \n \n Highlights\n \n \n \n \n \n · \n \n Independent audit by GCA confirms significant resource upgrade\n \n \n \n · \n \n Mako confirmed as one of the largest gas fields ever discovered in West Natuna Basin\n \n \n \n · \n \n Mako confirmed as the largest undeveloped gas resource in the immediate region\n \n \n \n · \n \n GCA audited 2C contingent resource estimate of 495 Bcf, up 79% from previous GCA estimate\n \n \n \n · \n \n GCA audited 3C contingent resource estimate of 817 Bcf, up 108% from previous GCA estimate\n \n \n \n \n \n \n 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. \n \n \n \n \n \n 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 s...