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Independent Resource Audit of Mako Gas Field

Source: www.gulfoilandgas.com 1/21/2019, Location: Asia

Empyrean Energy plc, the oil and gas development company with interests in China, Indonesia and the United States, is pleased to announce an independent resource audit of the Mako gas field by Gaffney Cline & Associates ("GCA"). Addi?onally, West Natuna Explora?on Limited ("WNEL" or the "Operator") has been invited to convert the Duyung Produc?on Sharing Contract ("Duyung PSC") to the Government of Indonesia's ("GOI") new Gross Split PSC structure.

WNEL is the owner and operator of the Duyung PSC in the West Natuna basin, offshore Indonesia which contains the Mako gas field. Empyrean currently own a 10 percent shareholding in WNEL, and Conrad Petroleum Ltd. ("Conrad"), currently own a 90 percent shareholding in WNEL.

Highlights
· Gross 2C (con?ngent) resources audited by Gaffney Cline & Associates in the field of 276 Bcf (48.78 MMboe) of recoverable dry gas, and gross 3C resources of 392 Bcf (69.3 MMboe), represen?ng addi?onal field upside
· Iden?fied explora?on targets beneath the Mako gas field, including the high priority Tambak prospect (formerly 'Mako Deep') with poten?al to be up to twice the size of the exis?ng Mako gas field discovery
- The Duyung PSC has been converted to the new GOI contractor- and investor-friendly Gross Split PSC scheme, which gives contractors greater spending and opera?onal flexibility to carry out their business
· An updated field development plan using the Gross Split based fiscal terms has been submi?ed to the Indonesian authori?es for approval

Tom Kelly, CEO of Empyrean, commented: "The audit by GCA provides a tremendous endorsement of the Mako gas field, confirming much of Conrad's and our own technical assessment of the field. More work on a given fieldwhether drilling opera?ons, technical matura?on, or administra?ve progress (such as gas commercialisa?on and securing access to necessary infrastructure)-reduces risk, removes uncertainty and allows for more accurate appraisal and valua?on.

The conversion of the Duyung PSC to a Gross Split PSC is a step in the right direc?on resul?ng in strengthening project economics while at the same ?me lessening the bureaucra?c burden on the execu?on of the project. Rarely do you get such a unique mix of low risk appraisal coupled with a poten?ally high reward explora?on target under an advantageous structure. Empyrean looks forward to con?nuing to work closely with Conrad to unlock value from the Duyung PSC."

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