Coro Energy PLC - Tambak-2 Operational Update
("Coro" or the "Company")
Tambak-2 Operational Update
The Tambak-2 well has been drilled to a total depth of 503 metres true vertical depth sub-sea ("TVDSS") and the coring programme, wireline logging and pressure surveys completed, confirming the well as a successfull appraisal of the Mako gas field. Operations are now focussed on an extensive Drill Stem Test ("DST") of the main Mako reservoir.
"Coro's first well in
· Top reservoir depth came in on prognosis at circa 381 metres TVDSS, approximately 3 metres up dip from the Mako South-1 well
· Well developed upper sandstone unit, greater thickness and overall quality than anticipated with wireline logs showing excellent porosity & permeabilities
· Lower unit present, providing overall reservoir thickness of approximately 10 metres, relative to 7.3 metres seen in Mako South-1
· Pressure data confirm the same pressure system as Mako South-1, pointing to lateral heterogeneity over the field
· Gas-water contact interpreted to be at 392 metres TVDSS, as also seen at Mako South-1 confirming the very large areal extent of the Mako field
As previously reported, the Tambak-2 well is designed as an appraisal of the southern area of the Mako gas field and spudded on
Given the large step out from the Mako South-1 well, Coro management estimate that a successful appraisal could move 100 Bcf from the 3C category to the 2C category, representing very significant value addition.
The next step in the drilling campaign is an extensive DST programme, which will take place over the coming days. Further announcements will be made, as appropriate. Coro remains fully funded for its share of costs associated with the drilling campaign.
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information please contact:
Tel: 44 (0)20 3965 7917
Cenkos Securities plc (Nominated Adviser)
Tel: 44 (0)20 7397 8900
Tel: 44 (0)20 7390 0230
Tel: 44 (0)20 3167 7221
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Tel: 44 (0)20 3657 0050
The information contained in this announcement has been reviewed by Coro Energy's South East Asian Business Manager and Geologist
The volumes included in this announcement are in accordance with SPE standards. Bcf means billion standard cubic feet; and MMboe means million barrels of oil equivalent.
This information is provided by RNS, the news service of the
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