Coro Energy Tambak-1 Testing Shows Low Gas Saturation In Lower Gabus

(Alliance News) - Coro Energy PLC on Friday said data from the Duyung production sharing contract ...

Alliance News 22 November, 2019 | 1:56PM
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(Alliance News) - Coro Energy PLC on Friday said data from the Duyung production sharing contract in offshore Indonesia found low gas saturations at multiple sandstone intervals in the Lower Gabus section.

Shares in Coro, which has a 15% interest in Duyung, were down 1.3% at 2.22 pence in London on Friday afternoon.

Data came from the Tambak-1 well, designed to appraise the Mako gas field and test the underlying Tambak exploration prospect. A drill stem test at tambak-1 flowed dry gas at a maximum 11.4 million standard cubic feet per day flow rate. This operations have concluded and resulted in a "highly successful" Mako appraisal.

Tambak-1 found 24 metres of intra-Muda reservoir sandstones at a depth of 389 metres, where common gas-water contact was confirmed across the field.

The well was then deepened beneath Mako to test Tambak's prospect for exploration. While the well found multiple sandstone intervals in the Lower gabus section as forecast, and hydrocarbon shows were seen while drilling, petrophysical interpretation of wireline log data found that the sandstones have low gas saturations and attempts to collect fluid samples as well as pressure data found low permeabilities.

Tambak-1 is being plugged and abandoned, in line with plans, before the Asian Endeavor 1 rig can be demobilised. The drill campaign completed on time in on budget.

Chief Executive James Menzies said: "We are very pleased with the flow test results announced today and the appraisal results overall from this drilling campaign, which confirms the Mako field as being a very valuable gas resource. The data demonstrates the excellent reservoir characteristics across a huge areal extent, with good porosity, high permeability and the [drill stem test] has again demonstrated the deliverability of the Mako reservoir.

"The DST is particularly significant as the test was conducted through cased hole and less than 2 metres of reservoir section perforated. This is in contrast to the previous DST at Mako South-1 which saw a substantially larger section tested in open hole. This provides a valid completion alternative for field development.

"We are delighted with the additional resource that has been proved up in the Mako field as a result of this campaign which we believe enhances the commercial attractiveness of the project. Coro management estimate that the campaign has demonstrated a gross resource addition of at least 100 [billion cubic feet] and we look forward to the independent assessment of field resources which will follow."

By Anna Farley; annafarley@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Coro Energy PLC 0.38 GBX 0.00 -

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