Project Profile
Estimated value: US$10 million
Location: West Natuna Basin, Indonesia
Area: 1,100km2
Estimated reserves: 4 Tcf of gas & 120 mmbbl of oil
Depth: 60-110 metres
Exploration start-up:- 1975
The Duyung PSC is an offshore permit of over 1,100km2 in the West Natuna Basin, one of Asia\'s most prolific proven basins, and is located in water-depths of 60-110 metres and close to existing pipeline infrastructure owned by the Indonesian Government. The Duyung PSC includes the Mako shallow gas discovery (“Mako”) which is estimated to contain 400 Bcf to 1.3 Tcf of gas in place. The permit contains a number of other drilling opportunities in a prolific proven basin with nearby infrastructure to support any development and production.
Three previous wells drilled at Mako in 1975, 1996 and 1999 intersected the gas zones but were not flow tested. Two of these wells were targeting deeper oil and the third well, targeting gas, encountered technical difficulties and so no flow test was completed. High impact exploration leads and prospects have been identified within the Duyung PSC through analysis of existing 2D and 3D seismic data which was acquired in 2008 and 2009 respectively, indicating exploration upside potential of over 4 Tcf of gas and 120 mmbbl of oil (including Mako).
LEAP Energy, the international subsurface consulting and technology delivery group, completed a Competent Persons Report on the Mako discovery in 2017, which attributed 2C and 3C Resources of 433 Bcf and 646 Bcf recoverable gas, respectively (the “LEAP CPR”). A new well on the Mako discovery, the Mako South-1 Well, is planned to spud in late Q2 / early Q3 2017 targeting the Intra-Muda sands. The objective of the well is to flow test the gas sands and provide key data on the permeability and gas saturation properties of the reservoir.
Operators:
Conrad Petroleum Pte Ltd: 90% interest
Empyrean Energy PLC: 10% interest