(Alliance News) - The partners at the Duyung production sharing contract have commissioned a new assessment of the Mako field, they said on Monday.
Coro Energy PLC is currently in the process of buying a 15% stake in Duyung, off the coast of Indonesia, from Empyrean Energy PLC. Following the purchase, which still requires regulatory approval, Coro will have 15% in the project, Empyrean 8.5%, and Conrad Petroleum the rest.
The project is located on the West Natuna Basin, and contains the Mako gas field.
In late 2019, drilling of two wells showed the presence of "well developed, high-quality" reservoirs, the two said. The partners have now asked Gaffney Cline & Associates to compile an updated competent persons report for Mako.
Coro and Empyrean expect an upgrade in the resource size of Mako of around 100 billion cubic feet to 376 billion, they said, following the drilling campaign.
Coro and Empyrean also said the long-stop date for the transfer of the 15% stake to Coro has been extended to June 30, with approval still needed in Indonesia.
Empyrean shares were 3.4% lower in London on Monday at 7.10 pence each, with Coro up 2.8% at 1.28p.
By George Collard; georgecollard@alliancenews.com
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Empyrean (EME)
Coro Energy (CORO)