A report by Gaffney Cline & Associates detailed contingent gas of 276bn cubic feet, recoverable dry gas, and, some 392bn cubic feet of gross resources.
Additionally, the company noted that exploration targets have been identified beneath the Mako field, including the high priority Tambak prospect which has been described as having “potential to be up to twice the size of the existing Mako gas field discovery”.
Empyrean chief executive Tom Kelly highlighted that the report is “a tremendous endorsement” of the project.
“More work on a given field-whether drilling operations, technical maturation, or administrative progress (such as gas commercialisation and securing access to necessary infrastructure)-reduces risk, removes uncertainty and allows for more accurate appraisal and valuation,” Kelly said.
He added: “Rarely do you get such a unique mix of low risk appraisal coupled with a potentially high reward exploration target under an advantageous structure.”