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04 Nov 2019 | 13:27

Coro, Empyrean confirm start of appraisal well drilling offshore Indonesia

Coro Energy and Empyrean Energy confirmed that drilling had commenced on an appraisal well at the Duyung production sharing contract in the West Natuna basin, offshore Indonesia.

The Tambak-1 well was located about 4.5 kilometres north of the Mako South-1 location and would be drilled to a total depth of around 1,370 metres below sea level.

It was designed to both appraise the extent of the Mako gas field and test the underlying Tambak prospect.

Total time to drill, log and test in the event of success was estimated to be about 33 days.

Coro, which owns 15% of the production sharing contract, said it remained fully funded for its share of costs associated with the current drilling campaign.

Empyrean Energy held an 8.5% interest in the contract, which is operated by Conrad Petroleum.

At 1:27pm: (LON:CORO) Coro Energy Plc Ord 0.1p share price was -0.03p at 2.43p

Story provided by StockMarketWire.com
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