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LONDON (Alliance News) - South East Asia-focused oil and gas company Coro Energy PLC said on Tuesday it has completed its payment obligations for a 15% working interest in the Duyung production sharing contract in Indonesia.
Coro has now paid USD3.0 million in cash and USD1.9 million in shares as well as contributed USD10.5 million towards the 2019 exploration and appraisal drilling campaign to earn its interest.
Coro has issued 60.9 million shares at a price of 2.3492 pence each, meaning it now has 7789.4 million shares issued overall.
Shares in Coro Energy were 8.3% higher at 2.28 pence on Tuesday.
The drilling campaign in particular will focus on the offshore Mako gas field within the PSC, which according to an independent report on the field has 276 billion cubic feet in 2C recoverable resources and 392 billion cubic feet of 3C resources.
The transfer of title of the interest to Coro is subject to Indonesian regulatory approval with a long stop date of December 31. Should regulatory approval now be forthcoming, Coro will receive 15% of the shares of West Natuna Exploration Ltd, the owner of the Duyung PSC.
West Natuna is joint-owned by Empyrean Energy PLC and Conrad Petroleum Ltd.
