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Conrad Petroleum Completes Mako South-1 well with Stabilized Flow Rates

Source: www.gulfoilandgas.com 7/5/2017, Location: Asia

JV partner Empyrean Energy has been advised by the operator of the Duyung PSC in the Natuna Basin, offshore Indonesia, and Conrad Petroleum that the Mako South-1 well testing operations have been successfully completed and the rig is currently demobilising back to its home base in Labuan, Malaysia.

Conrad has reported that the well performance was exceptional, and the drilling operations were carried out on time, on budget and with zero safety incidents.

Testing of the previously discovered gas-bearing sand at the Mako South-1 well has established 23 feet of net pay in the shallow Intra Muda Formation, with excellent quality rock, far better than Conrad's original prognosis. The well flowed high quality gas that is close to 100% methane, with no CO2, H2S, or other contaminants. No sand production was recorded during testing.

As previously reported on 28 June 2017, a final stabilised flow rate of 10.9 million cubic feet of gas per day ('mmcfgpd') was reached during testing on fixed choke of 128/64. The flow rate was limited by the available down hole production testing equipment. Down hole pressure gauges retrieved following the flow test confirmed no pressure depletion over the extended production test. Conrad reports that the test results suggest that the reservoir consists of laterally continuous, high permeability sands in the multi Darcy range. Further permeability analysis will take place over the coming months on the core taken prior to flow testing.

Mako is a very large gas accumulation with a lateral extent of approx. 340km2. With the addition of the Mako South-1 well, four wells have now penetrated the Intra Muda Formation, but Mako South-1 is the only well to have been production tested. Testing operations conducted over several days collected a raft of important data. Conrad now plans to thoroughly analyse the latest information (both the production test and other down hole data including core), and aggregate it with that from previous wells in order to progress a development plan.

Empyrean owns 10% of West Natuna Exploration Limited ('WNEL'), a holding company that owns 100% of the Duyung PSC. Conrad own the remaining 90% of WNEL.

Tom Kelly, Empyrean CEO, commented: 'Empyrean once again commends the entire Conrad team for their excellent planning and execution of the Mako South-1 well drilling and testing operations. The results have exceeded everyone's expectations. An excellent flow rate of 10.9 million cubic feet of gas per day that was limited by the available down hole equipment and may, subject to full analysis of core and other data, have room for improvement, is simply such a pleasing result for all of our shareholders.

These results dramatically de-risk this project and confirm a very large accumulation of gas with terrific reservoir quality in a region that achieves high gas prices due to high regional demand. With planning for our high impact Dempsey-1 well in the Sacramento Basin, California progressing very nicely we expect the coming weeks to be extremely exciting as we execute further our aggressive high impact exploration campaign'.

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