Empyrean Energy PLC (LON:EME) Duyung PSC, Ops Update – Tambak 2 Well Spud

Empyrean Energy Plc, the oil and gas development company with interests in China, Indonesia and the United States, is pleased to provide an operational update in relation to the upcoming drilling campaign in the Duyung PSC in the West Natuna basin, offshore Indonesia, in which Empyrean holds an 8.5% interest.

As previously advised, the drilling rig Asian Endeavour – 1 jack-up rig ur-1was mobilised from Singapore on 24th September 2019 and has been on location since Monday 30th September. Empyrean has been advised that pre-loading of equipment and supplies for the two well programmes has now completed and drilling of the Tambak-2 well has commenced.

The Tambak-2 well is primarily designed as an appraisal of the southern area of the Mako gas field. The well, which is a very large step out (over 13 km) south of the Mako South-1 location, will be drilled as a vertical well and is prognosed to intersect the intra-Muda reservoir up-dip from the Mako South-1 well, at a depth of approximately 380 metres below sea level. The well is planned to total depth at approximately 595 metres below sea level. A full reservoir evaluation programme is planned, including an extensive suite of logs, coring and open hole testing, in order to derive as much information as possible about the Mako gas field reservoir.

An independent review by Gaffney Cline & Associates ascribed gross 2C resources of 276 Bcf (48.78 MMboe) of recoverable dry gas in the Mako field with gross 3C resources of 392 Bcf (69.3 MMboe) representing additional field upside. These resource estimates will be updated post completion of the drilling programme.

READ
Oil Man Jim Company Oil & Gas Podcast, 16th October 2019

Total time to drill, core, log and test is estimated to be approximately 33 days, after which the rig is then planned to move to the Tambak-1 location. The gross cost of the two well programmes is expected to be approximately $17MM-19MM to the PSC partners on a fully tested basis, including rig mobilisation and de-mobilisation, for which Coro Energy Plc (“Coro”) is funding US$10.5MM. Empyrean will fund 8.5% of the additional drilling campaign costs over and above the Coro funding.

The information contained in this announcement has been reviewed by Empyrean’s Executive Technical director, Gaz Bisht, who has over 29 years’ experience as a hydrocarbon geologist and geoscientist.

 

Register for the Share Talk investor evening, London 26th November 2019


Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.

Terms of Website Use

All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

Malcare WordPress Security