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(Alliance News) - Coro Energy PLC and Empyrean Energy PLC on Wednesday reported the find of a "very well developed" sandstone unit on the Duyung project.
The Duyung production sharing contract is located on the West Natuna basin, off the coast of Indonesia. Coro owns a 15% stake, and Empyrean 8.5%. Duyung contains the Mako gas field.
Drilling at the Tambak-1 well has reahced 513 metres, intersecting the intra-Muda reservoir on the Mako field. A "very well developed" sandstone unit of approximately 5.2 metres was founding with "excellent" porosity and permeability, Empyrean and Coro said.
This was much better than expected, the two continued, and in addition to the upper unit a lower unit of nearly 20 metres was found. The pressure data suggests similar conditions to the Mako South-1 and Tambak-2 wells.
The well will now be drilled to a depth of 1,370 metres to test out the deeper parts of the Tambak prospect.
Tom Kelly, chief executive at Empyrean, said: "The successful appraisal of the Mako gas discovery (intra-Muda sands) to date has clearly added significant confidence in the resource and has created value that is normally only achieved through additional exploration.
"Any subsequent success at the deeper Tambak exploration prospect will add further value to an already successful drilling campaign."
Coro shares were 8.4% higher on Wednesday morning at 2.25 pence each, with Empyrean up 1.9% at 8.20p.
By George Collard; georgecollard@alliancenews.com
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