Southeast Asian focused upstream oil and gas company Coro Energy has received all the necessary approvals by the Indonesian Government and has completed the acquisition of an interest in the Duyung offshore block, containing the Mako gas field.
Coro Energy had in February entered into an agreement to acquire a 15 percent share in the Duyung offshore block in Indonesia, however, the completion of the deal was subject to the Indonesian Government's approval.
The license holders of the Duyung PSC are now Conrad Petroleum Ltd (76.5% operated interest), Coro (15% non-operated interest) and Empyrean Energy plc (8.5% non-operated interest).
As for the Mako field, Conrad's field development plan envisages an initial four-well development scheme, with a small platform with compression facilities, tied into the West Natuna Transportation System pipeline.
Following the successful appraisal campaign in Q4 2019, the resource estimates are being revised by Gaffney Cline & Associates.
"The company looks forward to the publication of the revised independent reserve audit report from Gaffney Cline & Associates following the successful appraisal drilling campaign in the fourth quarter of 2019, which is expected to be announced later in the month," CORO said.