Mako Gas Project - Updated Plan of Development

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 "MakoPOD"), 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

Pete Lynch

 

Tel: +44 (0) 131 220 9771

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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDDBLFLBLLFFBD
UK 100

Latest directors dealings