18:00 Mon 10 Feb 2020
Coro Energy PLC - Duyung PSC Update
("Coro", the "Company" and together with its subsidiaries the "Group")
Duyung PSC Update
As previously announced, the transfer of title of the 15% Duyung PSC interest to Coro's name remains subject to customary Indonesian regulatory approvals. These approvals are expected to follow but have not yet been received. As a result, the Duyung PSC partners have now agreed to a six-month extension to the long stop date under the Duyung PSC acquisition agreement for receipt of the necessary Indonesian approvals to
Furthermore, following the highly successful appraisal drilling campaign on the Mako gas field in Q4 2019, which saw the Tambak-1 and Tambak-2 wells demonstrate the presence of well developed, high quality reservoir sandstones with a common gas water contact across the Mako structure, the Company confirms that
Coro management continue to estimate an upgrade in the resource size of circa 100 Bcf in the 2C category as a result of the drilling campaign and the Company looks forward to updating shareholders on the results of the updated GCA resource assessment in due course.
The Mako field is located close to the West Natuna pipeline system and gas from the field can be marketed to buyers in both
The information contained in this announcement has been reviewed by Coro Energy's South East Asian Business Manager and Geologist
For further information please contact:
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Cenkos Securities plc (Nominated Adviser)
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Tel: 44 (0)20 7397 8900 |
Patrick d'Ancona
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Tel: 44 (0)20 7390 0230 |
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Tel: 44 (0)20 3167 7221 |
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Tel: 44 (0)20 3657 0050 |
The volumes included in this announcement are in accordance with SPE standards. Bcf means billion standard cubic feet; and MMscf/d means million standard cubic feet of gas per day.
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