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15 Oct 2019 | 14:14

Coro, Empyrean welcome Indonesia appraisal well result

Coro Energy and Empyrean Energy confirmed that a well had successful appraised the Mako gas field offshore Indonesia.

Coro and Empyrean held 15% and 8.5% interests, respectively, in the associated Duyung production sharing contract.

Coro chief executive James Menzies said the Tambak-2 well, its first in Indonesia, had delivered a 'great result', demonstrating a step out from the Mako South-1 discovery.

'The fact that we have confirmed good quality reservoir at a 13.5 kilometre step out from the Mako South-1 discovery well is an excellent step forward for this project,' Empyrean Energy chief executive Tom Kelly said.

'The wireline logs confirm excellent porosity and permeability and we look forward to the flow testing programme to commence.'

'This is excellent news and progress so early on in our drilling campaign and, with a further well with additional high impact exploration potential to come, we look forward to updating our shareholders of further progress.'

At 2:08pm: (LON:EME) Empyrean Energy PLC share price was +0.65p at 9.7p

Story provided by StockMarketWire.com
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