Coro Energy (CORO) completed its coring programme, wireline logging and pressure surveys at the Tambak-2 well on Tuesday.
The results showed greater thickness and overall quality than anticipated, with wireline logs showing “excellent porosity & permeabilities”.
Pressure data also confirmed that it had the same pressure system as Mako South-1, pointing to “lateral heterogeneity” over the field.
James Menzies, Coro Energy CEO said: "Coro's first well in Indonesia has delivered a great result, this significant step out from the Mako South-1 proves reservoir continuity over a very large areal extent.”
He added: “We believe the quality of the reservoir found will convert significant volume from the 3C to the 2C resource estimates for the field and add material value to the asset.”
Shares in Coro Energy were trading 12% higher at 2.95p per share on Tuesday
The company drilled to a total depth of 503 metres, reporting that top reservoir depth was circa 381 metres, approximately 3 metres up dip from the Mako South-1 well.
The next step in the drilling campaign is an extensive Drill Stem Test programme, set to take place over the coming days.
Mr. Menzies added: “Focus now switches to the next step in the campaign, we look forward to the results of the well testing programme and thereafter further appraisal and exploration drilling will follow which we see as further significant value catalysts."
Given the large step out from the Mako South-1 well, Coro told investors that it estimates that “a successful appraisal could move 100 Bcf from the 3C category to the 2C category”.
The Tambak-2 well is located within the Duyung production sharing contract, in the West Natuna basin, offshore Indonesia.
Tambak-2 is appraising the southern area of the Mako gas field which has been ascribed gross 2C resources of 276 Bcf (48.78 MMboe) of recoverable dry gas with gross 3C resources of 392 Bcf (69.3 MMboe).
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