Empyrean Energy PLC Provides an Operations Update from Mako Gas Discovery, Indonesia
Monday 6 August 2018
Highlights
- Plan of Development for the Mako Gas Field ("Mako POD") submitted to SKKMigas, the Indonesian oil and gas regulator.
- Heads of Agreement ("HOA") signed with a regional gas buyer for the sale of all Mako gas.
- Indonesian Government owned and accredited consultant, Lemigas, were contracted to certify initial reserves and assist with POD work and submission.
- Concurrently, Conrad Petroleum Limited ("Conrad") has completed a preliminary internal estimate of 2C Contingent Resources of 373Bcf based on gas sales to be sold within the Duyung PSC term of the full Mako Gas Field.
- Lemigas certified 2P "Reserves" of 152.30Bcf gas based on Mako South-1 gas well only.
Further appraisal wells are planned to lift the Lemigas certified Resources to reflect the potential of the full Mako Gas Field.
- Strong unsolicited third-party interest shown in participating in the Duyung PSC pre-POD.
- High Impact Exploration 'leads' identified below the Mako Gas Field ("Mako Deep").