AIM Listed Empyrean Energy Picks Up Stake in Indonesia Gas Asset

AIM-listed Empyrean Energy has entered an agreement to conditionally acquire up to a 20% shareholding in Indonesia's West Natuna Exploration (WNEL) from Conrad Petroleum. WNEL holds a 100% stake in Duyung production-sharing contract. The Duyung PSC includes the Mako shallow gas discovery which is estimated to contain between 0.4 and 1.3 trillion ft³ of gas in place, Empyrean said April 4.

A new well on the Mako discovery, the Mako South ­1, is planned to spud in late 2Q or early 3Q 2017 targeting the Intra­Muda sands. The objective of the well is to flow test the gas sands and provide key data on the permeability and gas saturation properties of the reservoir, the company said.

The Duyung PSC is an offshore permit of over 1,100 km² in the West Natuna Basin and close to existing pipeline infrastructure owned by the Indonesian government.

This acquisition follows the company's recent investment in Block 29/11, offshore China in the Pearl River Mouth Basin. 

Shardul Sharma