Empyrean opts not to up stake at Duyung PSC

By Alexander Ginting

UK oil, gas firm Empyrean Energy PLC announced on Tuesday that it has chosen not to increase interest in Duyung PSC offshore West Natuna to 20% from 10% currently.

The company did not give further detail.

The Company announced on 12 May 2017 that it had completed the acquisition of a 10 per cent. interest in West Natuna Exploration Ltd (WNEL) from Conrad Petroleum Pte Ltd and that Empyrean and Conrad had agreed an amendment to the original terms of the Acquisition which extended the long-stop date for payment of consideration of US$2 million in respect of an additional 10 per cent interest in WNEL to 26 May 2017.

The company said that planning for the Mako South-1 well is on track and Conrad has advised that the well is anticipated to spud in mid-to late-June 2017. The well will be drilled to undertake flow test and establish reservoir quality.

The Duyung PSC includes the ?Mako? shallow gas discovery with a Competent Persons Report verifying 2C and 3C resource of 430-650 Bcf recoverable gas.

Duyung block is operated by Singapore-based Conrad Petroleum with 90% interest.