29th Apr 2019 12:06
LONDON (Alliance News) - The partners at Indonesia's Duyung production sharing contract in Indonesia have agreed on a drill programme for 2019, the two London-listed partners said Monday.
Coro Energy PLC and Empyrean Energy PLC are working on Duyung alongside Conrad Petroleum. Duyung is offshore Indonesia in the West Natuna basin and includes the Mako gas field.
They will drill an exploration well on the Tambak prospect under the centre of the Mako field, and an appraisal well on the intra-Muda sandstone reservoir to the south of Mako.
They expect work to start in September, taking 33 days, costing USD17 million. Coro is contributing USD10.5 million, with Empyrean and Conrad the rest.
Independent work found the Mako field has gross recoverable dry gas of 276 billion cubic feet.
Empyrean Chief Executive Tom Kelly said: "Empyrean looks forward to this exciting drilling programme that is designed to both appraise the existing Mako gas discovery as well as testing the deeper Tambak exploration prospect.
"This programme is a crucial step in the plan of development for Mako and paves the way for completion of gas sales negotiations as well as potentially increasing resources at Mako and possibly below the Mako discovery."
Coro Chief Executive James Menzies said: "We are pleased to announce the approval of the 2019 drilling campaign, for which we are fully funded.
"This drilling programme will provide our investors with near-term exposure to the exploration drill bit as well as low-risk appraisal, which we are confident will add further value to our position in this exciting project."
Empyrean was 2.6% higher on Monday at 9.49 pence a share, while Coro was flat at 2.45p.
Related Shares:
EmpyreanCoro Energy