Wednesday 23 January 2019

Empyrean Energy plc, the oil and gas development company with interests in China, Indonesia and the United States, announced an independent resource audit of the Mako gas field by Gaffney Cline & Associates ("GCA"). Additionally, West Natuna Exploraon Limited ("WNEL" or the "Operator") has been invited to convert the Duyung

Producon Sharing Contract ("Duyung PSC") to the Government of Indonesia's ("GOI") new Gross Split PSC structure.

WNEL is the owner and operator of the Duyung PSC in the West Natuna basin, offshore Indonesia which contains the Mako gas field. Empyrean currently own a 10 percent shareholding in WNEL, and Conrad Petroleum Ltd. ("Conrad"), currently own a 90 percent shareholding in WNEL.

Highlights

- Gross 2C (contingent) resources audited by Gaffney Cline & Associates in the field of 276 Bcf (48.78 MMboe) of recoverable dry gas, and gross 3C resources of 392 Bcf (69.3 MMboe), representing additional field upside

- Identified exploration targets beneath the Mako gas field, including the high priority Tambak prospect (formerly 'Mako Deep') with potential to be up to twice the size of the existing Mako gas field discovery

- The Duyung PSC has been converted to the new GOI contractor- and investor-friendly Gross Split PSC scheme, which gives contractors greater spending and operational flexibility to carry out their business

- An updated field development plan using the Gross Split based fiscal terms has been submitted to the Indonesian authorities for approval

Full announcement can be found here.