REG - Coro Energy PLC - Duyung PSC: Domestic GSA Key Terms

Coro EnergyAnnouncement

28/03/2024 07:00

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RNS Number : 6045I  Coro Energy PLC  28 March 2024

28 March 2024

 

Coro Energy Plc

("Coro" or the "Company")

 

Duyung PSC: Domestic GSA Key Terms

 

Coro Energy PLC, the South East Asian energy company with a natural gas and
clean energy portfolio, announces that binding Key Terms have been agreed for
the sale and purchase of the domestic portion of Mako gas ("Key Terms") with
PT Perusahaan Gas Negara Tbk ("PGN"), the gas subsidiary of PT Pertamina
(Persero), the national oil company of Indonesia.

 

Under these binding Key Terms, Conrad, the operator of the Duyung PSC, and PGN
will agree in good faith and sign a fully termed Gas Sales Agreement ("GSA")
for the domestic portion of the gas produced from the Mako field located in
the Duyung Production Sharing Contract ("PSC") in the West Natuna Sea,
offshore Indonesia. Coro has a 15% working interest in the PSC.

 

This domestic GSA will be subject to the construction of the pipeline
connecting the West Natuna Transportation System with the domestic gas market
in Batam, and it forms part of the Domestic Market Obligation as set out in
Mako's revised Plan of Development. The GSA with Sembcorp Gas Pte Ltd,
announced by the Company on 12 September 2023, sits alongside this domestic
GSA and will cover the majority of  Mako sales gas volumes.

 

Further details can be found in the Conrad Asia Energy Ltd announcement this
morning.

 

For further information please contact:

 

 Coro Energy plc                                          Via Vigo Consulting Ltd

 James Parsons, Executive Chairman

 Cavendish Capital Markets Limited (Nominated Adviser)    Tel: 44 (0)20 7220 0500

 Adrian Hadden

 Ben Jeynes

 Hybridan LLP (Nominated Broker)                            Tel: 44 (0)20 3764 2341 (tel:(0)20%C2%A03764%202341)

 Claire Louise Noyce

 Gneiss Energy Limited (Financial Advisor)                  Tel: 44 (0)20 3983 9263

 Jon Fitzpatrick

 Doug Rycroft

 Vigo Consulting (IR/PR Advisor)                          Tel: 44 (0)20 7390 0230

 Patrick d'Ancona

 Finlay Thomson

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the EU
Market Abuse Regulation 596/2014 which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, as amended and supplemented from time to
time. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

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