TIDMCORO
RNS Number : 3218X
Coro Energy PLC
29 April 2019
29 April 2019
Not for release, publication or distribution to United States
newswire services or for release, publication or dissemination in
the United States and does not constitute an offer of the
securities herein.
This press release does not constitute an offer to sell, or a
solicitation of an offer to buy, securities in the United States or
any other jurisdiction. Any securities described in this press
release have not been, and will not be, registered under the US
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration except in transactions
exempt from, or not subject to, registration under the US
Securities Act and applicable US state securities laws. There is no
public offering of the securities in the United States
expected.
Coro Energy plc
("Coro" or the "Company")
Duyung PSC, 2019 Drilling Programme Approved
Coro Energy plc is pleased to announce that the Duyung partners
have agreed the upcoming drilling programme in the Duyung
Production Sharing Contract ("PSC") in the West Natuna basin,
offshore Indonesia which contains the Mako gas field.
The campaign will comprise two wells, one exploration well
designed to test the Tambak prospect beneath the central area of
the Mako gas field, and one well designed to appraise the
intra-Muda sandstone reservoir in the southern area of the Mako
field. The drilling campaign is anticipated to start in September
2019, with each well taking approximately 33 days to drill and
test. The gross cost of the programme is expected to be
approximately $17 MM to the PSC partners on a fully tested basis,
including rig mobilisation and de-mobilisation. As part of the deal
to acquire its 15% interest in the PSC, Coro will be contributing
$10.5 MM to the total cost of the drilling campaign and Coro is
fully funded for both that as well as its residual 15% share of the
programme costs.
The Tambak prospect is an inverted anticlinal structure located
beneath the main Mako gas field in the central area of the field.
The prospect contains approximately 250 Bcf of prospective
resources in the mid-case and is risked at a 45% chance of
geological success. The well will be drilled to a total depth of
approximately 1,370 metres true vertical depth sub-sea ("TVDSS"),
with a testing suite planned for both the intra-Muda Mako reservoir
level as well as the Lower Gabus prospective target horizons.
The second well in the programme, is an appraisal well which is
designed to intersect the intra-Muda reservoir at approximately 380
metres TVDSS. A full evaluation suite including coring, wireline
logging and open hole testing of the reservoir section is planned.
The well will provide an important calibration point for the
southern area of the field and is planned to demonstrate further
contingent resource, which in turn will support the gas marketing
efforts. An independent review by Gaffney Cline & Associates
ascribed gross 2C resources of 276 Bcf (48.78 MMboe) of recoverable
dry gas in the Mako field with gross 3C resources of 392 Bcf (69.3
MMboe) representing additional field upside.
James Menzies, Chief Executive Officer, commented
"We are pleased to announce the approval of the 2019 drilling
campaign, for which we are fully funded. This drilling programme
will provide our investors with near-term exposure to the
exploration drill bit as well as low risk appraisal, which we are
confident will add further value to our position in this exciting
project."
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
Harrison J Clarke
Seamus Fricker
Vigo Communications - 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 announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "envisages",
"estimates", "anticipates", "projects", "expects", "intends",
"may", "will", "could", "seeks" or "should" or, in each case, their
negative or other variations or comparable terminology, or by
discussions of strategy plans, objectives, goals, future events or
intentions. These forward-looking statements include statements
regarding the Company's and the Directors' current intentions,
beliefs or expectations concerning, amongst other things,
investment strategy, financing strategy, performance, results of
operations, financial condition, liquidity, prospects, growth,
strategies and the industry in which the Company will operate.
By their nature, forward-looking statements involve risks
(including unknown risks) and uncertainties because they relate to
events and depend on circumstances that may or may not occur in the
future. Forward-looking statements are not an assurance of future
performance. The Company's actual performance, results of
operations, financial condition, liquidity and dividend policy and
the development of the business sector in which the Company will
operate, may differ materially from those suggested by the
forward-looking statements contained in this announcement. In
addition, even if the Company's performance, results of operations,
financial condition, liquidity and dividend policy and the
development of the industry in which the Company will operate, are
consistent with the forward-looking statements contained in this
document, those results or developments may not be indicative of
results or developments in subsequent periods.
Any forward-looking statements in this announcement reflect the
Company's and the Directors' current view with respect to future
events and are subject to risks relating to future events and other
risks, uncertainties and assumptions relating to the matters
referred to above. Other than in accordance with the Company's
obligations under the AIM Rules for Companies, the Company does not
undertake to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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
DRLPGUGGCUPBGBR
(END) Dow Jones Newswires
April 29, 2019 02:01 ET (06:01 GMT)
Coro Energy (LSE:CORO)
Historical Stock Chart
From Apr 2024 to May 2024
Coro Energy (LSE:CORO)
Historical Stock Chart
From May 2023 to May 2024