Empyrean Energy audit identifies further upside at Mako field in Indonesia
Source - SMW
Empyrean Energy said an independent resource audit of the Mako gas field in Indonesia had identified additional field upside.
The audit by Gaffney Cline & Associates identified contingent resources -- a technical term for resource estimates that have yet to be proven by drilling -- of 276 billion cubic feet.
It had also identified exploration targets beneath the Mako gas field, including the high-priority Tambak prospect.
'The audit by GCA provides a tremendous endorsement of the Mako gas field, confirming much of Conrad's and our own technical assessment of the field,' chief executive Tom Kelly said.
Empyrean currently owns 10% of the prospect, with operator Conrad Petroleum owning the rest.
At 2:20pm: (LON:EME) Empyrean Energy PLC share price was +0.33p at 9.95p