15th Oct 2019 11:33
(Alliance News) - Coro Energy PLC and Empyrean Energy PLC on Tuesday reported the completed drilling of the Tambak-2 well in the Duyung production sharing contract in the West Natuna basin, offshore Indonesia.
Coro, which is a southeast Asia-focused oil & gas firm, holds a 15% interest in the Duyung, while explorer Empyrean has an 8.5% stake.
Shares in Coro Energy were 11% higher at 2.90 pence, while Empyrean Energy shares were 7.0% higher at 9.68p on Tuesday in London.
The well has been drilled to a total depth of 503 metres at true vertical depth sub-sea, while the coring programme, wireline logging and pressure surveys have been completed.
The drilling programme has identified the well as a successful appraisal of the Mako gas field, with a well-developed upper sandstone unit and greater thickness and overall quality than predicted.
Gas-water contact was interpreted to be at 392 metres, as also seen at Mako South-1, which confirms the very large extent of the Mako field, the explorers said.
The next step in the drilling campaign is an extensive drill stem test programme, which will take place over the coming days.
"Coro's first well in Indonesia has delivered a great result, this significant step out from the Mako South-1 proves reservoir continuity over a very large areal extent. We believe the quality of the reservoir found will convert significant volume from the 3C to the 2C resource estimates for the field and add material value to the asset," said Coro Chief Executive Officer James Menzies.
"The fact that we have confirmed good quality reservoir at a 13.5 kilometres step out from the Mako South-1 discovery well is an excellent step forward for this project. The wireline logs confirm excellent porosity and permeability and we look forward to the flow testing programme to commence," added Tom Kelly, Empyrean CEO.
By Dayo Laniyan; [email protected]
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