(Alliance News) - Coro Energy PLC and Empyrean Energy PLC on Tuesday reported a resource upgrade following an audit of the Mako gas field in offshore Indonesia.
The operator of the asset, Conrad Petroleum Ltd, undertook a "highly successful" drilling campaign in the fourth quarter of 2019. Following this, Conrad turned to Gaffney Cline & Associates to complete an independent resource audit of Mako.
"GCA have now completed their audit, which confirms a significant resource upgrade for the Mako Gas Field compared to their previous resource assessment released in January 2019," Coro said.
Coro has a 15% interest in Mako, with Empyrean holding an 8.5% stake.
Mid case resources were 79% higher at 495 billion cubic feet of gas. The low case estimate was 56% higher at 287 bcf, with the high case estimate jumping by more than double to 817 bcf.
"It is not often that you get an independent expert providing a more optimistic upside case. The results are a credit to the Conrad team and the joint venture. The Mako Gas Field has now become strategically important," Empyrean Chief Executive Officer Tom Kelly said.
Coro shares were 5.6% lower at 0.51 pence each in London on Tuesday afternoon. Empyrean's stock was 5.3% lower at 5.35p.
By Eric Cunha; ericcunha@alliancenews.com
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Empyrean (EME)
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