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Resource upgrade confirmed at Mako gas field

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Oilfield Technology,

Conrad Petroleum, the operator of Duyung PSC, offshore Indonesia, has announced the results of its internal subsurface study and a subsequent independent resource audit of the Mako gas field located within the licence.

Following the successful drilling campaign completed in late 2019, Conrad carried out an internal, comprehensive field review that was concluded in April 2020. The review covered all subsurface and surface aspects of the development of the field and indicated significantly higher overall resource volumes than previous estimates, along with the potential for considerably higher daily production rates of high-quality dry gas.

Subsequently the company engaged Gaffney Cline and Associates (GCA) to complete an independent resource audit for the Mako gas gield.

GCA’s audit, dated 22 May 2020, confirmed Conrad’s internal resource estimates and provided a significant upgrade for the Mako gas field compared to their previous audit of January 2019. The 2C (contingent) recoverable resource estimates have been increased to 495 billion ft3, an increase of approximately 79% compared with the 2019 audit. In the upside case, the 3C (contingent) resources have increased by approximately 108% compared with the 2019 audit, to 817 billion ft3. With the latest upgrade, Mako has been shown to be one of the largest gas fields ever discovered in the West Natuna Basin, and is currently by far the largest undeveloped resource in the immediate area.

Gas volumes are expected to be upgraded to reserves when certain commercial milestones are achieved, including execution of a gas sales agreement and a final investment decision (FID).

Miltos Xynogalas, CEO, commented:

“The GCA audit results are extremely gratifying not only because they confirm the large resources of the Mako field, but also because they endorse the high-quality technical work performed by Conrad. Over the last three years, the company drilled three successful wells and undertook numerous rigorous technical studies. Our efforts, supported by our joint venture partners, have proven the high value resources of the Mako accumulation and have brought the field closer to development. It is a tremendous achievement for a relatively young company such as Conrad to be able to identify and mature almost 0.5 trillion ft3 of gas resources at Mako, resources that lie close to existing infrastructure and well-established gas markets. The company is now positioned to take the project to FID, the next and very critical milestone in our road map to production.”

David Johnson, Executive Chairman, said:

“Mako has the potential to deliver gas to address both the aspirations of the Indonesian government and pipeline gas needs of the Singaporean market. We look forward to the development of a domestic Indonesian market for West Natuna gas and are excited to work with Singapore to extend the fruitful partnership between Indonesian-based West Natuna producers and Singapore-based gas users.”

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