21st Dec 2020 18:23
Empyrean Energy PLC - oil and gas explorer with interests in China, Indonesia and US - Says significant work now been completed to update plan of development in respect of the Mako Gas Field, offshore Indonesia, specifically by incorporating important and extensive data collected during highly successful appraisal drilling program. SKK Migas - Indonesian regulator - accepted significantly uplifted estimates of gas in place, which are broadly in line with independent resource audit by Gaffney Cline & Associates completed and announced in May, and that these volumes will form part of the updated Mako POD. Says total Mako GIIP high estimate is 766 billion standard cubic feet. Coro Energy PLC, which holds 15% interest in project, says is "pleased" SKK Migas has accepted the significantly uplifted volume estimates.
"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," says Chief Executive Tom Kelly.
Empyrean current stock price: 6.00 pence
Year-to-date change: down 27%
Coro current stock price: 0.277 pence
Year-to-date change: down 85%
By Arvind Bhunjun; [email protected]
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