Coro, Rose

Tuesday, 11th February 2020 11:22 - by Malcy

Flash blog today as  thanks to the storm and BA my plans have been rather shot to pieces!

Coro Energy

Coro announced yesterday that in respect of the company’s 15% non-operated interest in the Duyung PSC which contains the Mako gas field where the transfer to Coro remains subject to ‘customary Indonesian regulatory approvals ‘ which are expected to follow but have not yet been received. This has triggered a six month extension to 30 June 2020 and should they not be forthcoming for any reason Coro will receive 15% of the shares of the operating company West Natuna Exploration as already agreed.

In addition to this, following the recent successful drilling campaign on the Mako gas field the operator has commissioned Gaffney Cline to update its view on the field. Coro are estimating an upgrade in the resource size of ‘circa. 100bcf  2C ‘ as a result of the drilling campaign.

Rose Petroleum

Rose announced an update yesterday on its operations in Colorado and Utah. I am meeting with the new management team today so hope to be able to elaborate more after this, in the meantime a few key points. In Colorado, the McCoy lease WI acquisition of an initial 10% with the option to acquire up to a further 80% from Captiva is going to plan and further drilling by them and Great Western in their pending application on the lease.

At the Paradox Basin, historically Rose’s other major project it has been granted regulatory  approval by the BLM for two lease extensions on circa. 11,300 acres within the core of its project area.Rose will now recommence it’s farm-in process.

As I said, more after a chat with the new team.

The Writer's views are their own, not a representation of London South East's. No advice is inferred or given. If you require financial advice, please seek an Independent Financial Adviser.