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.
In the Tambak, meanwhile, the well encountered multiple sandstone intervals with corresponding hydrocarbon shows but analysis revealed low gas saturations and low permeabilities. Tambak-1 is now being plugged and abandoned as planned.
Coro highlighted that the drilling was completed within the expected time frame and within budget.
"We are very pleased with the flow test results announced today and the appraisal results overall from this drilling campaign, which confirms the Mako field as being a very valuable gas resource,” said James Menzies, Coro chief executive.
Successful appraisal of Mako: Tambak-1 flows at 11.4 MMscf/d on test. pic.twitter.com/jpEJn9nYy7
— Coro Energy (@CoroEnergy) November 22, 2019
“The data demonstrates the excellent reservoir characteristics across a huge areal extent, with good porosity, high permeability and the DST has again demonstrated the deliverability of the Mako reservoir.
“The DST is particularly significant as the test was conducted through cased hole and less than 2 metres of reservoir section perforated.
“This is in contrast to the previous DST at Mako South-1 which saw a substantially larger section tested in open hole. This provides a valid completion alternative for field development.”
Menzies added: “We are delighted with the additional resource that has been proved up in the Mako field as a result of this campaign which we believe enhances the commercial attractiveness of the project.”
He also highlighted that management expect that the recent drilling will have added at least 100 Bcf of gross resources, and, that a new independent assessment of resources will follow.