REG - Coro Energy PLC - Duyung PSC Update

Coro EnergyAnnouncement

02/05/2023 11:00

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RNS Number : 1173Y  Coro Energy PLC  02 May 2023

2 May 2023

 

Coro Energy Plc

("Coro" or the "Company")

 

Duyung PSC Update

Coro Energy Plc, the South East Asian energy company with a natural gas and
clean energy portfolio notes the publication of the quarterly report of Conrad
Asia Energy Ltd ("Conrad"), operator of the Mako gas field within the Duyung
PSC ("Mako") in which it provides the following update on the Mako gas field
development.

·    The Operator advises that negotiation of key terms of the Mako gas
sales agreement between a Singaporean buyer and the Indonesian regulator
(SKKMigas) are expected to be finalised during the second quarter, with Mako
being a key strategic gas asset for both countries.

 

·    The Mako gas field is the largest undeveloped and fully appraised gas
field in the West Natuna Basin. Gas is exported from the basin by pipeline to
Singapore.

 

·    Conrad has engaged a global investment bank with a proven track
record in similar transactions to lead a farm-down process for the divestment
of a portion of its interest in the Duyung Production Sharing Contract. The
Operator advises bids are expected to be received during the second quarter
and the industry response to date has been encouraging. Coro, which holds a
15.0% interest in the Duyung PSC, may participate pro rata in the farm-down
process as various drag and tag along clauses exist in the Joint Operating
Agreement. Coro may also entertain a full exit, depending on the terms
offered.

 

For further information please contact:

 Coro Energy plc                             Via Vigo Consulting Ltd

 James Parsons, Executive Chairman

 Ewen Ainsworth, Chief Financial Officer

 Cenkos Securities plc (Nominated Adviser)   Tel: 44 (0)20 7397 8900

 Adrian Hadden

 Ben Jeynes

 Katy Birkin

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

 Patrick d'Ancona

 Charlie Neish

 WH Ireland (Broker)                           Tel: 44 (0)20 7220 1670 / 44 (0)113 946 618

 Harry Ansell

 Katy Mitchell

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

 Jon Fitzpatrick

 Doug Rycroft

 

 

 

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