- Mar 11, 2019
- Stock Market Wire
Empyrean Mako Gas Field development plan gets regulatory nod in Indonesia StockMarketWire.com - Empyrean, an oil and gas development company, said Monday the Ministry of Energy and Minerals in Indonesia had approved the plan of development for the Mako Gas Field at the Duyung PSC in Indonesia.
The Duyung PSC covered approximately 890 km squared in the Riau Islands Province, situated in the offshore Indonesian waters of the South China Sea, and was proximal to the West Natuna Transportation System (WNTS), a gas pipeline to markets in Singapore.
WNTS currently supplied approximately 0.4 billion cubic feet (Bcf) of natural gas per day to Singapore. In June 2017, Empyrean participated in the successful Mako South-1 exploration well. A recent resource audit by Gaffney Cline & Associates (RNS dated 21 Jan 2019) reported contingent 2C resources of 276 Bcf in the Mako Gas Field.
'The POD approval by the Ministry of Energy and Mineral Resources in Indonesia is another important milestone in progressing the Mako Gas Field towards production. Tenure has now been secured on the Duyung PSC out to 2037 which reduces risk and adds intrinsic value to the project,' said Tom Kelly, CEO of Empyrean.
'Importantly, the POD approval is also crucial to advancing negotiations of the heads of agreement into a gas sales agreement with the buyer in Singapore for the off-take of Mako gas. It also paves the way for appraisal later in the year that can increase resources at Mako and hopefully test the deeper Tambak prospect.'
At 8:41am: [ LON:EME] Empyrean Energy PLC share price was +0.13p at 9.25p
Story provided by StockMarketWire.com