14th Mar 2025 15:53
(Alliance News) - Empyrean Energy PLC on Friday said that rigging operations for drilling the Wilson River-1 well "proceeded smoothly."
The oil and gas development firm active in Australia, Indonesia and the US said Condor Energy Services Ltd advised that the well spud on Friday, with drilling operations having started.
The main goal of the well is to gauge and test the hydrocarbon potential of a seismically identified up thrown, structural fault bounded high.
Chief Executive Officer Tom Kelly said: "Empyrean is pleased to be drilling another exploration well in a world-class basin. This basin benefits from extensive existing infrastructure, which will enable the rapid commercialisation of any successful discovery. We are excited about the opportunity and look forward to updating our shareholders as we progress."
On Wednesday, Empyrean noted that Conrad Asia Energy Ltd received a directive from the Indonesian Ministry of Energy & Mineral Resources, which highlighted "very strong growth in domestic demand for gas in Indonesia".
The directive said that all Mako gas shall be made available for the Indonesian domestic market in Batam, with the gas to be purchased by PT PLN Energi Primer Indonesia.
Empyrean CEO Kelly said: "With a new government in Indonesia committed to providing gas powered electricity under its New Energy Plan, directing Mako Gas for the domestic market makes strategic sense. Empyrean is encouraged that this new development will lead to further short term momentum for the Mako Gas Field and Duyung production sharing contract."
Empyrean shares fell 8.8% to 0.11 pence each on Friday afternoon in London.
By Tom Budszus, Alliance News slot editor
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