REG - Empyrean Energy PLC - Plan of Development Approval for Mako Gas Field

Empyrean EnergyAnnouncement

11/03/2019 07:05

RNS Number : 3822S
Empyrean Energy PLC
11 March 2019
 


This announcement contains inside information
 
Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas
 
Empyrean Energy PLC ("Empyrean" or the "Company")
Plan of Development Approval for Mako Gas Field, Duyung PSC, Indonesia
 
11 March 2019
 
Empyrean, the oil and gas development company with interests in China, Indonesia and the United States, is pleased to announce that the Ministry of Energy and Minerals in Indonesia has approved the Plan of Development ("POD") for the Mako Gas Field at the Duyung PSC in Indonesia.
 
Tom Kelly, CEO of Empyrean, commented:
 
"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. 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."
 
The Duyung PSC covers approximately 890 km2 in the Riau Islands Province, situated in the offshore Indonesian waters of the South China Sea, and is proximal to the West Natuna Transportation System (WNTS), a gas pipeline to markets in Singapore. WNTS currently supplies 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.
 
 
**ENDS**
 
For further information:
 



Empyrean Energy plc








Tom Kelly


Tel: +61 8 9380 9920
























Cenkos Securities plc








Neil McDonald


Tel: +44 (0) 131 220 9771




Beth McKiernan


Tel: +44 (0) 131 220 9778




Pete Lynch


Tel: +44 (0) 131 220 9772
























St Brides Partners Ltd








Priit Piip                                             


Tel: +44 (0) 20 7236 1177




Frank Buhagiar                                     


Tel: +44 (0) 20 7236 1177



 
 
 




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