(Alliance News) - Empyrean Energy PLC and Coro Energy PLC both noted on Friday the receipt of approval for the gas price and volume allocation for the Mako field project in Duyung from the Indonesian Minister of Energy & Natural Resources.
Shares in Empyrean rose 28% to 0.67 pence in London on Friday morning, while Coro shares were up 43% at 0.23 pence each.
"This is a significant milestone that allows Conrad, the operator of the Duyung PSC, to finalise fully termed gas sales agreements," Coro said.
Empyrean, a Subiaco, Australia-based oil and gas developer with projects in China, Indonesia and the US has an 8.5% interest in Duyung, while Coro, a South East Asian energy company holds a 15% interest.
Duyung covers an offshore permit of approximately 1,100 squared kilometres in the West Natuna Basin. The main asset in the permit is the Mako shallow gas discovery.
Coro and Empyrean added that the allocation is a "key step in advancing the documentation for the sales of Mako gas and access to the West Natuna transportation system", as it serves as the formal basis for reserving pipeline capacity for the evacuation of Mako gas.
Empyrean Chief Executive Officer Tom Kelly said: "This approval from the Minister of Energy and Natural Resources in Indonesia of the gas pricing and allocation is welcomed as an important milestone towards completing definitive and binding Gas Sales Agreements for Mako gas. It is very pleasing to see support from the Indonesian Government for the Mako Gas Field that will help Indonesia transition to cleaner fuels for energy."
By Sabrina Penty, Alliance News reporter
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Empyrean (EME)
Coro Energy (CORO)