Empyrean Energy hits gas in Mako South exploration well offshore Indonesia
“We have a gas discovery with excellent reservoir quality here at the Mako South-1 well location," said Tom Kelly, Empyrean chief executive.
Company
LON:EME
Empyrean Energy PLC is a London AIM listed oil and gas explorer. The company is currently focused on three cornerstone assets with transformational potential: Block 29/11 offshore China; the Duyung PSC offshore Indonesia and a multi project participating interest in the Sacramento Basin, California.
200 stories · page 8 of 10
“We have a gas discovery with excellent reservoir quality here at the Mako South-1 well location," said Tom Kelly, Empyrean chief executive.
Drilling began on Friday and so far 1,330 of a planned 1,707 feet have been drilled.
Archive
A look back at some of the more interesting stories on the junior market over the past week
Risers & fallers: Record PLC pays out bumper dividends, EU Supply gets contract boost
Archive
A glance at some of the stories on the Proactive Investors newswire today
Risers and fallers: Advanced Oncotherapy, St Ives, Intelligent Energy
Of the money, £0.56mln will come from a placing at 3.5p, while options being exercised by chief executive Tom Kelly will raise a further £300,000
Archive
Some of the stories that ran on the Proactive newswire today
Archive
A look at the week in the small cap oil and gas sector
The deal sees Empyrean taking 25% of the Dempsey prospect where drilling is slated for the third quarter.
Main share price risers and fallers at 3pm: Hague and London, Flowtech Fluidpower, Nanoco
Archive
A review of the week's small cap oil and gas news...
The company expects progress towards a new exploration programme in China in the coming weeks and months.
Archive
A looks at the weekly news from the oil and gas small cap sector
Tom Kelly, chief executive, said the permit was a fantastic opportunity given the significant resource potential.
A snapshot of today's breaking newswire stories on Proactive
Cenkos upgraded Empyrean to a ‘buy’ following news that shareholders would receive a £17.5mln payout.
Empyrean will pay-out 7.9p per share, which is £17.5mln in total.
Following the disposal the group has a cash balance of £11.6mln, it said, but the anticipated maximum is for US$71.5mln