Coro Energy PLC Plan of Development Approved-Mako Field Duyung PSC (3811S)
11 March 2019 - 6:00PM
UK Regulatory
TIDMCORO
RNS Number : 3811S
Coro Energy PLC
11 March 2019
11 March 2019
Coro Energy plc
("Coro" or the "Company")
Plan of Development Approved For Mako Field, Duyung PSC,
Indonesia
Coro Energy plc, the South East Asian focused exploration and
production company, is delighted to announce that the Minister of
Energy and Mineral Resources has approved the Plan of Development
("POD") for the Mako field, Duyung PSC, offshore Indonesia.
On 11 February 2019, Coro announced the acquisition of a 15%
stake in the Duyung PSC, which covers an area of approximately 890
km(2) in the West Natuna basin and is proximal to the West Natuna
Transportation System ("WNTS"), a gas pipeline to markets in
Singapore. WNTS currently supplies approximately 0.4 billion
standard cubic feet ("Bcf") per day to Singapore. A resource audit
by Gaffney Cline & Associates, dated November 2018 reported 276
Bcf of contingent (2C) resources attributable to the Mako
field.
James Menzies, Chief Executive Officer, commented;
"We are pleased to see this project advancing so soon after the
announcement of our acquisition, the approval of the POD for the
field is a key step toward monetizing the Mako gas. The Duyung
partners are finalizing plans for the 2019 drilling campaign which
we expect to commence in late summer and we look forward to
updating the market shortly with our plans."
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:
Coro Energy Plc
James Menzies, Chief Executive Tel: 44 (0)20 3965 7917
Officer
Andrew Dennan, Chief Financial
Officer
Grant Thornton UK LLP (Financial
and Nominated Adviser)
Colin Aaronson Tel: 44 (0)20 7383 5100
Jen Clarke
Harrison J Clarke
Seamus Fricker
Vigo Communications - IR/PR
Advisor
Patrick d'Ancona Tel: 44 (0)20 7390 0230
Chris McMahon
Mirabaud Securities Ltd (Joint
Broker)
Peter Krens Tel: 44 (0)20 3167 7221
Ed Haig-Thomas
Turner Pope Investments (TPI)
Ltd (Joint Broker)
Ben Turner Tel: 44 (0)20 3621 4120
James Pope
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 rns@lseg.com or visit www.rns.com.
END
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