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Empyrean Energy “absolutely delighted” with Mako South gas flows

The successful gas well comes as the group has 'aggressively' advanced its transformation programme following last year's major divestment in the United States.

offshore oil platform
The gas is pure methane, without any traces of hydrogen Sulphide or carbon dioxide.

Empyrean Energy Plc (LON:EME) boss Tom Kelly declared himself “absolutely delighted” with gas flow rates shown in testing of the Mako South well, offshore Indonesia.

The well flowed at a rate of 10.9mln cubic feet of gas per day, and it is currently shut in for build-up.

It added that the gas is pure methane, without any traces of hydrogen Sulphide or carbon dioxide.

WATCH: Zak Mir on Empyrean Energy

Earlier this week, Empyrean said it has been informed by the operator Conrad Petroleum that its 10% owned Mako South well hit 23 feet of net gas pay.

Mako South was drilled to a depth of 1,707 feet. Logging has confirmed the 23 feet of net gas pay, and conventional core was recovered from the target zone for analysis. Empyrean noted that the Upper Intra Muda, the well’s main target, exhibit better-than-expected porosity, permeability and gas saturation.

In a statement on Wednesday, Kelly said: “Empyrean is absolutely delighted with the rate gas has flowed at Mako South-1 well, our first major exploration project since our efforts of re-building the portfolio.

“We have a very aggressive and potentially transformational programme over the next 6 months and our first project achieving this level of success has exceeded both ours and Conrad's expectations.

“We look forward to exciting months ahead as we continue to unlock value for our shareholders".

Quick facts: Empyrean Energy PLC

Price: 8.88 GBX

AIM:EME
Market: AIM
Market Cap: £39.33 m
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