logo-loader
RNS
viewCoro Energy PLC

Coro Energy PLC - Tambak-1 Well Spud

RNS Number : 1209S
Coro Energy PLC
04 November 2019
 

4 November 2019

Coro Energy plc

("Coro" or the "Company")

Tambak-1 Well Spud

Coro Energy plc, the Southeast Asian focused upstream oil and gas company, is pleased to provide an operational update in relation to the drilling campaign in the Duyung Production Sharing Contract ("PSC") in the West Natuna basin, offshore Indonesia, in which Coro holds a 15% interest.

The drilling rig Asian Endeavour 1 has been on location since Friday 1st November and drilling of the Tambak-1 well has commenced.

The Tambak-1 well is located approximately 4.5 km north of the Mako South-1 location and is designed to both appraise the extent of the Mako gas field as well to test the underlying Tambak prospect. The well will be drilled as a vertical well and is prognosed to intersect the top of the intra-Muda reservoir at a depth of approximately 389 metres below sea level. The well will be deepened below the base Muda unconformity (at a depth of approximately 517 m) to test the underlying Lower Gabus section.

The well is planned to total depth at approximately 1,370 metres below sea level.

Total time to drill, log and test in the event of success is estimated to be approximately 33 days, after which the well will be plugged and abandoned and the rig de-mobilised. Coro remains fully funded for its share of costs associated with the current drilling campaign.



 

 

For further information please contact:

 

Coro Energy plc

James Menzies, Chief Executive Officer

Andrew Dennan, Chief Financial Officer

 

 

Tel: 44 (0)20 3965 7917

 

 

 

Cenkos Securities plc (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

 

Tel: 44 (0)20 7397 8900

Vigo Communications Ltd (IR/PR Advisor)

Patrick d'Ancona

Chris McMahon

 

Tel: 44 (0)20 7390 0230

Mirabaud Securities Ltd (Joint Broker)

Peter Krens

Ed Haig-Thomas

 

 

Tel: 44 (0)20 3167 7221

Turner Pope Investments (TPI) Ltd (Joint Broker)

Zoe Alexander

Andy Thacker

Tel: 44 (0)20 3621 4120

[email protected]



 

 

The information contained in this announcement has been reviewed by Coro Energy's South East Asian Business Manager and Geologist Pierre Eliet, a Fellow of the Geological Society and a Member of the Petroleum Exploration Society of Great Britain.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
UPDLIFITLVLSIIA

Quick facts: Coro Energy PLC

Price: 0.45

Market: AIM
Market Cap: £3.57 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE