Member Info for draft

https://pharmaphorum.com/news/messaging-app-could-save-nhs-44-million-annually-says-study/

takeover news could come anytime according to that daily mail article

Flat now. Im not surprised. Indonesia set to double gas production by 2030

Sometimes one thinks that the headlines have been written even before the news is actually out there but make no mistake today’s announcement from Coro and Empyrean is a very good statement indeed. The task of this well was to appraise the Mako gas field and to test the underlying exploration prospect. To get the second bit out of the way it took no time at all to find that low saturation and permeability meant that it is a tight reservoir with pretty tight residual gas.
Time to move on to the meat and drink of the appraisal where this was a highly successful well indeed. The well encountered a huge 24m of Intra-Muda sandstone section with good gas water contact that required a DST and in this case a cased hole technique as opposed to the open hole completion before. The success of the cased hole DST across a 2 metre zone provides an alternative option for completing future Mako production wells, and could well help bring down development costs.
So, this is a significant progress which should lead to early development of the Mako project. Coro CEO James Menzies said ‘we are delighted with the additional reserve that has been proved up in the Mako field and which enhances the commercial attractiveness of the project. Coro management estimate that the campaign has demonstrated a gross resource addition of at least 100 Bcf and look forward to further independent assessment of field resources’.
Tom Kelly, CEO of Empyrean said ‘ the appraisal drilling at Mako has been a tremendous success with a better quality reservoir, substantially thicker sands and a gas/water contact that is confirmed from logging to provide a five feet uplift in aerial tank size and ultimately potential recoverable resources has been demonstrated at Mako.’
This has been an excellent campaign from Coro and Empyrean, confirming Menzies’ belief in the Mako field. He said to me that this appraisal has been ‘brilliant and should be a belter’ and why not, a 100 BCF to eager and wealthy Singaporean gas buyers plenty enough to reward the Mako partners. From here the market can expect the independent assessment of resources expected to be available in Q1 2020 and after that a good line into profitable monetisation. The market has marked down both shares today which proves what I have been saying about their inability to know a good thing when they see one, take the advantage, buy at these knock down prices before the smart guys catch on…

Subsequent to our initiation on Coro Energy yesterday, the company has announced the results of its Tambak-1 well. The well was designed to appraise the Mako gas field and test the underlying Tambak exploration prospect. Coro has confirmed the deliverability of the Mako reservoir with a maximum flow rate of 11.4mmscfd achieved on test. Meanwhile, the Lower Gabus reservoirs in the underlying Tambak prospect were found to have low gas saturations and poor reservoir characteristics and the well is now being plugged and abandoned. Our RENAV of 3.79p/share included 0.41p/share for the Tambak prospect; the updated RENAV is 3.37p/share.

Miltos Xynogalas, Conrad’s CEO said: “This has been a tremendous result for the drilling campaign as a whole, confirming a very large single tank gas accumulation, connecting Tambak-1, Mako South-1 and Tambak-2 over a long distance, demonstrating beyond any doubt the mobility and deliverability of natural gas throughout the field. Our first well in this drilling campaign, Tambak-2, encountered 30 ft of high-quality gas-bearing intra-Muda sandstones, representing a better developed reservoir than seen in Mako South-1. It also confirmed a common gaswater contact and pressure system across the Mako structure.
Tambak-1, designed to appraise the field limits, yielded better than expected results. The well encountered 56 ft of excellent quality intra-Muda sandstones, penetrated the gaswater contact within the reservoir section, and encountered 20 ft of sandstones within the gas leg. The gas-water contact was clearly common in all wells on the Mako structure to date, and a common pressure system across the field has been confirmed.
Our efforts will now move to the optimisation of the approved Mako Plan of Development working in close collaboration with our partners and the Indonesian authorities.
The entire Conrad team has worked tirelessly over the past 70 days to complete another campaign, maintained a 100% health and safety record, on time and on budget. Overall, the drilling campaign has delivered results that should significantly increase the resources of the field.”

Coro Energy PLC (LON:CORO) told investors that the Tambak-1 well has confirmed the Mako gas field as a “very valuable gas resource”.
The well was drilled to appraise the Mako field and also test the underlying Tambak exploration prospect.
The Mako section was tested at a maximum gas flow rate of 11.4mln cubic feet of gas per day.

Coro Energy says Tambak-1 well confirms Mako is a “very valuable gas resource”
"We are very pleased with the flow test results announced today and the appraisal results overall from this drilling campaign," said Coro chief executive James Menzies.

Tom Kelly, Empyrean CEO commented, "The appraisal drilling at Mako has been a tremendous success. Better quality reservoir, with thicker sands and a gas water contact that is now confirmed from logging to provide a 5 feet uplift in aerial tank size to the Mako discovery. We have also successfully trialled a behind casing DST over a small 6 feet interval that provided an excellent flow rate and demonstrates deliverability of gas from Mako at a different location to the successful Mako South-1 discovery well using behind casing perforations versus the open hole test of Mako South-1. These developments will substantially add to the attractiveness of the Mako field for development.

Conrad hailing this as a big success and moving to update Mako field development plan.

is it this guy?

David Horner
Managing Director
About

David is an acclaimed fund manager, specialising in small and mid-cap quoted investment and SME unquoted investment. He has 30 years’ experience in corporate finance assignments, identifying, structuring and managing investments as well as purchasing and managing private equity, specialist listed and AIM portfolios. He qualified as a chartered accountant in 1985 and has held senior positions in Deloitte, 3i Corporate Finance and Strand Partners Limited, with numerous public and private company directorships. In October 1997, David set up Chelverton Asset Management Limited to provide the investment management for the investment trust now known as Chelverton Growth Trust PLC, and was responsible for launching, in May 1999, Small Companies Dividend Trust PLC; both funds he still manages. He has co-managed MI Chelverton UK Equity Income Fund since its launch, the success of which consistently earns him a Citywire AAA fund manager rating.

I think Menzies will pull something out of the bag here suddenly.

Bleepa
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just tweeted. great tweet!

I think DR NB has great experience of ousting incompetent boards and he will know the right power people to move this company forward

Added 100bcf and BP in the area.

They've launched a MESSAGING APP into a 10 million pound digital transformation project.

https://foundation.mozilla.org/en/blog/should-google-know-you-better-your-doctor-does/

1 has an interest in Evolene wellness and the other is a hotel's specialist

Sounds like age discrimination against Tom Oakley.