Empyrean Announces Findings of Indonesia Field Report
UK-listed Empyrean Energy January 21 announced the results of an independent resource audit of the Mako gas field in Indonesia.
Gaffney Cline & Associates (GCA) in a report has identified contingent resources of 276bn ft3 of recoverable dry gas, and gross resources of 392bn ft3, representing additional field upside, the company said.
Also, exploration targets have been identified 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.
Tom Kelly, CEO of Empyrean, said: “The audit by GCA provides a tremendous endorsement of the Mako gas field, confirming much of Conrad's and our own technical assessment of the field. More work on a given field-whether drilling operations, technical maturation, or administrative progress (such as gas commercialisation and securing access to necessary infrastructure)-reduces risk, removes uncertainty and allows for more accurate appraisal and valuation.”
Empyrean owns 10% of the field, with operator Conrad Petroleum owning the rest. The Mako field is located in the prolific West Natuna basin, approximately 16-km from the WNTS pipeline system which delivers gas from Indonesia to Singapore. A plan of development has been submitted to the Indonesian authorities, and gas marketing discussions are in advanced stages, with a heads of agreement already signed with a buyer in Singapore for the Mako gas, according to Empyrean.