REG - Coro Energy PLC - Ministerial Approval - Mako Gas Price & Allocation

Coro EnergyAnnouncement

23/02/2024 07:45

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RNS Number : 2476E  Coro Energy PLC  23 February 2024

23 February 2024

 

Coro Energy Plc

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

 

Ministerial Approval of Mako Gas Price & Allocation

 

Coro Energy PLC, the South East Asian energy company with a natural gas and
clean energy portfolio, is pleased to announce that the gas price and volume
allocation for the Mako field project in the Duyung PSC has been approved by
the Indonesian Minister of Energy and Natural Resources (the "Minister"). This
is a significant milestone that allows Conrad, the operator of the Duyung PSC,
to finalise fully termed Gas Sales Agreements ("GSA"). The Mako project will
contribute to Indonesia's target of doubling gas production by 2030.

· SKK Migas, the Indonesian upstream regulator, has informed Conrad, the
operator of the Duyung PSC, that the Indonesian Minister of Mining and Natural
Resources ("Minister") has issued a letter (the "Allocation Letter") which
approves the volumes and prices for gas exported and sold domestically from
the Mako gas field in the Natuna Sea.

· The Allocation Letter is a key step in advancing the documentation for the
sales of Mako gas and access to the West Natuna Transportation System
("WNTS"), as it serves as the formal basis for reserving pipeline capacity for
the evacuation of Mako gas. As previously announced, work continues to
finalise the GSAs (with customary conditions precedent).

 

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

 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

 

 

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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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