The well has intersected the intra-Muda reservoir of the Mako field and a full suite of wireline logs have been acquired together with a pressure survey and extensive fluid and gas samples recovered. These data have established the well as a successful appraisal of the Mako gas field and confirm the large, areally extensive single tank model for the field.
As previously reported, the Tambak-1 well is designed as both an appraisal of the northeast flank of the Mako gas field as well as an exploration test of the Tambak prospect. An independent review by Gaffney Cline & Associates had previously ascribed gross 2C resources of 276 billion ft3 (48.78 million boe) of recoverable dry gas in the Mako field with gross 3C resources of 392 billion ft3 (69.3 million boe) representing additional field upside. The results of the successful appraisal drilling in both Tambak-1 and -2 provide significant volumetric upside potential for the field, representing a very significant value addition.
As a next step, the well will be drilled to a total depth of approximately 4495 ft TVDSS in order to test the potential of the deeper Tambak prospect. Tambak is estimated as having a mid-case prospective resource potential of 250 billion ft3 and a geological chance of success of 45%. The Tambak-1 well is planned to be plugged and abandoned once operations are complete.
The gross cost of the two well programme is expected to be approximately US$17 -19 million to the PSC partners on a fully tested basis, including rig mobilisation and de-mobilisation, for which Coro Energy Plc (Coro) is funding US$10.5 million. Empyrean will fund 8.5% of the additional drilling campaign costs over and above the Coro funding.
Tom Kelly, Empyrean CEO, commented:"The successful appraisal of the Mako gas discovery (intra-Muda sands) to date has clearly added significant confidence in the resource and has created value that is normally only achieved through additional exploration. Any subsequent success at the deeper Tambak exploration prospect will add further value to an already successful drilling campaign".