Empyrean Energy confirms start of two well drilling programme
By Duncan Ferris
Date: Friday 04 Oct 2019
(Sharecast News) - Empyrean Energy on Friday confirmed the drilling of the Tambak-2 well has commenced at the Duyung PSC in the West Natuna basin, offshore Indonesia
The Tambak-2 vertical well, which is the first stop on a two well drilling programme, is primarily designed as an appraisal of the southern area of the Mako gas field and is intended to intersect the intra-Muda reservoir up dip from the Mako South-1 well, at a depth of approximately 380 metres below sea level.
Total time to drill, core, log and test is at the well estimated to be approximately 33 days, after which the rig will move to the Tambak-1 location, with the total cost of the two well programme expected to be between $17.0m and $19.0m.
The AIM traded company holds an 8.5% interest in the Duyung project and will thus contribute that percentage to costs incurred that exceed the $10.5m being paid by 15% stakeholder Coro Energy.
An independent review by Gaffney Cline & Associates ascribed gross 2C resources of 48.78m barrels of oil equivalent of recoverable dry gas in the Mako field with gross 3C resources of 69.3 million barrels representing additional field upside.
Empyrean Energy shares were up 3.15% at 9.70p at 1015 BST.
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