Empyrean Energy hits gas in Mako South exploration well offshore Indonesia

Empyrean Energy hits gas in Mako South exploration well offshore Indonesia

Empyrean Energy Plc (LON:EME) has told investors that its new exploration
strategy has begun with "great success" as the Mako South well has confirmed
the presence of gas in the Duyung PSC, offshore Indonesia.

In a stock market statement, Empyrean said it has been informed by the
operator that its10% owned Mako South well hit 23 feet of net gas pay.

Empyrean shares shot up 20% in Monday's early deals, rising 1.25p to change
hands at 7.5p per share.

Mako South was drilled to a depth of 1,707 feet. Logging has confirmed the
23 feet of net gas pay, and conventional core was recovered from the target
zone for analysis.

Empyrean noted that the Upper Intra Muda, the well's main target, exhibit
better-than-expected porosity, permeability and gas saturation.

Testing operations are now underway, and Empyrean confirmed that gas has
flowed to surface.

The company added that, as planned, a 3D seismic programme is likely as it
will provide a better understanding of the reservoir size and
characteristics.

Empyrean chief executive, Tom Kelly said: "Whilst we have further work to do
at Mako to determine the overall size of the potential gas accumulation,
Empyrean is extremely pleased that our aggressive exploration programme has
kicked off with great success.

"We have a gas discovery with excellent reservoir quality here at the Mako
South-1 well location, our first exploration well since we have
re-established Empyrean with exciting new assets.

"Empyrean has set out to build a core portfolio of potentially
transformational exploration assets in prolific hydrocarbon basins, close to
infrastructure and energy-hungry markets."

Kelly noted that operator Conrad Petroleum had exceeded Empyrean's
expectations regarding timeframes and kept to budget.

"These are certainly exciting times for Empyrean and its joint venture
partners. We look forward to providing further updates on testing in the
short term," he added.

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Link to Original Article:
http://www.proactiveinvestors.co.uk/companies/news/179807/empyrean-energy-hi
ts-gas-in-mako-south-exploration-well-offshore-indonesia-179807.html

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com