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REG - Coro Energy PLC - Mako Gas Project - Approval of Updated PoD

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RNS Number : 5982F  Coro Energy PLC  08 November 2022

8 November 2022

 

Coro Energy Plc

("Coro" or the "Company" and together with its subsidiaries the "Group")

 

Mako Gas Project - Approval of Updated Plan of Development

 

Coro Energy PLC, the South East Asian energy company with a natural gas and
clean energy portfolio, announces that the Indonesian Ministry of Energy and
Mineral Resources has now approved the updated Plan of Development for the
Mako Gas Project within the Duyung PSC (the "Updated Mako PoD"). Details of
the Updated Mako PoD were announced by the Company on 9 September 2022.

 

Highlights

 

·    Indonesian Government has approved the Updated Mako PoD, representing
an important milestone in the Mako Gas Project's development.

 

·    Updated Mako PoD based upon Contingent Duyung PSC Resources of 384
billion cubic feet gross within the Duyung PSC area which represents some 297
billion cubic feet net attributable* to 100% of the Duyung PSC Joint Venture.

 

·    Indonesian government approval to export up to 100% of gas production
to Singapore.

 

·    The Operator is targeting production from the Mako Gas Project to
commence in 2025 under the Updated Mako PoD at up to 120 million cubic feet of
gas per day.

 

·    Coro holds a 15% interest in the Duyung PSC in which the Mako Gas
Project is located.

 

·    Development of the Mako Gas Project will be in line with Indonesia's
stated objective of doubling domestic gas production by 2030.

 

·    Importation of pipeline gas would provide secure and reliable energy
to Singapore that is less carbon intensive than LNG.

 

The Updated Mako PoD amends an initial Mako Gas Project PoD approved in 2018
to reflects, inter alia, previously announced increases in Contingent
Resources following a successful 2019 drilling campaign. The award of the
revised POD represents a material event in progressing the Mako Gas Project
and is a significant milestone on the critical path to developing this
significant resource, which is currently the largest undeveloped gas field in
South Natuna Sea.

The Updated Mako PoD is based on field Contingent Resources of 297 billion
cubic feet (net attributable to 100% of the Duyung PSC Joint Venture) and a
daily production of 120 MMscf/d, consistent with the GaffneyCline Associates
competent persons report dated 26 August 2022, details of which were also
announced by the Company on 9 September 2022.

At present, there is no infrastructure to transmit gas from the Mako field to
domestic markets in Indonesia, and hence under the Updated Mako PoD the export
of production to Singapore, which is already connected to the West Natuna Gas
Transportation System, has been approved until and unless such evacuation
routes to Indonesia are built, at which point up to 25% of production may be
allocated for domestic sale. The existing underutilised gas pipeline to
Singapore expedites the development of the Mako gas field from which gas is
expected to be produced from 2025.

The Operator of the Duyung PSC is West Natuna Exploration Limited, a
100%-owned subsidiary of Conrad Asia Energy Ltd, who hold a 76.5% interest in
the Duyung PSC. The remaining 8.5% interest in the Duyubg PSC is held by
Empyrean Energy plc.

*after deduction of 23% contractor take.

 

The information contained in this announcement has been reviewed by Leonardo
Salvadori, Coro's Managing Director OF Oil & Gas, a qualified geologist
and geophysicist and member of the Italian Society of Petroleum Engineers. The
volumes included in this announcement are in accordance with SPE standards.
Bcf means billion standard cubic feet of gas and MMscf/d means million
standard cubic feet of gas per day.

 

 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

 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

 

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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