Empyrean Energy PLC Mako Gas Project - Updated Plan of Development (2501J)

TIDMEME

RNS Number : 2501J

Empyrean Energy PLC

21 December 2020

Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil & Gas

Empyrean Energy Plc

Mako Gas Project - Updated Plan of Development (Mako POD) with a significant uplift in Gas-in-place

21 December 2020

Empyrean Energy Plc ("Empyrean" or the "Company"), the oil and gas exploration and development company with interests in China, Indonesia and the United States, is pleased to advise that further, significant work has now been completed to update the Plan of Development in respect of the Mako Gas Field (the "Mako POD"), specifically by incorporating important and extensive data collected during the highly successful appraisal drilling program.

Empyrean is pleased that SKK Migas (the Indonesian regulator) has accepted the significantly uplifted estimates of gas in place ("GIIP"), which are broadly in line with the independent resource audit by Gaffney Cline and Associates completed and announced in May 2020, and that these volumes will form part of the updated Mako POD, which is currently being prepared.

SKK Migas Accepted Mako Gas in Place for updated Mako POD

 
                 GROSS (100%) GIIP (BSCF) Updated 
 Reservoir        Low         Best          High 
              ----------  ------------  ----------- 
 Upper Sand       358          525          687 
              ----------  ------------  ----------- 
 Lower Sand       26           41            78 
              ----------  ------------  ----------- 
 Total            384          566          766 
              ----------  ------------  ----------- 
 

The Mako Gas Field is located close to the West Natuna pipeline system and gas from the field can be marketed to buyers in both Indonesia and in Singapore. A Heads-of-Agreement with a gas buyer in Singapore is already in place. The conclusion of negotiations in relation to a gas sales agreement will mark a further important step toward the final investment decision to develop and commercialise the field.

Empyrean CEO, Tom Kelly, stated:

" The highly successful appraisal program has resulted in a significant increase in resources at the Mako Gas Field. The operator Conrad and the joint venture partners are working diligently through all of the practical steps to put this exciting project into production. "

For further information please contact the following:

 
 Empyrean Energy plc 
  Tom Kelly                      Tel: [phone] 
 
 Cenkos Securities plc 
  Neil McDonald                  Tel: [phone] 
  Pete Lynch                     Tel: [phone] 
 First Equity Limited (Joint 
  Broker) 
 Jason Robertson               Tel: [phone] 
 

The information contained in this announcement has been reviewed by Empyrean's Executive Technical director, Gaz Bisht, who has over 30 years' experience as a hydrocarbon geologist and geoscientist.

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December 21, 2020 02:00 ET (07:00 GMT)