logo-loader
RNS
Empyrean Energy PLC

Plan of Development Approval for Mako Gas Field

/**/ sup{font-size:80%}ol{margin-bottom:0cm;}ul{margin-bottom:0cm;} .af{size:595.3pt 841.9pt;margin:35.45pt 72.0pt 72.0pt 72.0pt;}div.af{}p.au{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-div: italic; line-height: 17.0pt; margin-bottom: 0cm; text-align: center}span.as{font-family:"Calibri Light","sans-serif"}p.av{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";line-height: 17.0pt; margin-bottom: 0cm; text-align: center}p.aw{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; line-height: 17.0pt; margin-bottom: 0cm}p.ax{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; line-height: 17.0pt; margin-bottom: 0cm; text-align: center}p.ay{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-bottom:0cm;margin-bottom:.0001pt;line-height: 17.0pt}p.az{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-bottom:0cm;margin-bottom:.0001pt;text-align: justify;line-height:17.0pt}p.ba{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; line-height: 17.0pt; margin-bottom: 0cm; text-align: justify} p.bb{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-div: italic; line-height: 17.0pt; margin-bottom: 0cm; text-align: justify}span.aj{font-family: "Calibri Light","sans-serif";color:black}table.bc{width:495.9pt;margin-left:-10.8pt;border-collapse:collapse}td.ai{width:199.8pt;padding:0cm 5.4pt 0cm 5.4pt}td.ah{width:252.9pt;padding:0cm 5.4pt 0cm 5.4pt} /**/
RNS Number : 3822S
Empyrean Energy PLC
11 March 2019
 

This announcement contains inside information

 

Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas

 

Empyrean Energy PLC ("Empyrean" or the "Company")

Plan of Development Approval for Mako Gas Field, Duyung PSC, Indonesia

 

11 March 2019

 

Empyrean, the oil and gas development company with interests in China, Indonesia and the United States, is pleased to announce that the Ministry of Energy and Minerals in Indonesia has approved the Plan of Development ("POD") for the Mako Gas Field at the Duyung PSC in Indonesia.

 

Tom Kelly, CEO of Empyrean, commented:

 

"The POD approval by the Ministry of Energy and Mineral Resources in Indonesia is another important milestone in progressing the Mako Gas Field towards production. Tenure has now been secured on the Duyung PSC out to 2037 which reduces risk and adds intrinsic value to the project. Importantly, the POD approval is also crucial to advancing negotiations of the heads of agreement into a gas sales agreement with the buyer in Singapore for the off-take of Mako gas. It also paves the way for appraisal later in the year that can increase resources at Mako and hopefully test the deeper Tambak prospect."

 

The Duyung PSC covers approximately 890 km2 in the Riau Islands Province, situated in the offshore Indonesian waters of the South China Sea, and is proximal to the West Natuna Transportation System (WNTS), a gas pipeline to markets in Singapore. WNTS currently supplies approximately 0.4 billion cubic feet (Bcf) of natural gas per day to Singapore. In June 2017, Empyrean participated in the successful Mako South-1 exploration well. A recent resource audit by Gaffney Cline & Associates (RNS dated 21 Jan 2019) reported contingent 2C resources of 276 Bcf in the Mako Gas Field.

 

 

**ENDS**

 

For further information:

 

Empyrean Energy plc


Tom Kelly

Tel: +61 8 9380 9920





Cenkos Securities plc


Neil McDonald

Tel: +44 (0) 131 220 9771

Beth McKiernan

Tel: +44 (0) 131 220 9778

Pete Lynch

Tel: +44 (0) 131 220 9772





St Brides Partners Ltd


Priit Piip                                             

Tel: +44 (0) 20 7236 1177

Frank Buhagiar                                     

Tel: +44 (0) 20 7236 1177

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
MSCBCGDXBSBBGCG

Quick facts: Empyrean Energy PLC

Price: £0.08

Market: AIM
Market Cap: £36.24 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE