RNS - Production Sharing Contract (PSC10 Sep 2024 12:59
This was very postive and pps would have jumped 100% - but was suspended :)
Soon to be priced in.
Coro Energy PLC, the South East Asian energy company with a natural gas and clean energy portfolio, notes the announcement released by Conrad Asia Energy Limited ("Conrad" or the "Operator"), the holder of a 76.5% operated interest in the Duyung Production Sharing Contract (PSC), offshore Indonesia, in which the Group has a 15% interest.
The Operator announced today that it has agreed a binding Gas Sales Agreement ("GSA") for the sale and purchase of the export portion of natural gas from the Mako gas field with Sembcorp Gas Pte Ltd ("Sembcorp"), a wholly-owned subsidiary of Sembcorp Industries Ltd, a leading energy and urban solutions provider, headquartered in Singapore.
The GSA with Sembcorp for gas from the Mako gas field is an important next step in the commercialisation of the Mako field, the largest undeveloped gas field in the West Natuna Sea and is a significant milestone on the path to a Final Investment Decision ("FID") for the Mako project. With this GSA and the gas sold under a separate domestic market obligation ("DMO") GSA with PGN, Indonesia's largest gas company[1], all of Mako's current gas Contingent Resources have been committed to gas buyers.
The contract term of the GSA is until the end of the Duyung PSC in January 2037 and allows for the sale of up is 76 billion British thermal units per day ("Bbtud"), which is equivalent to around 76.9 million standard cubic feet per day ("mmscfd"). The GSA also contains provisions for the sale of up to an additional 35 Bbtud (around 35.4 mmscfd) should a tie-in pipeline not be built to the Indonesian domestic market in Batam and DMO sales do not therefore eventuate. The commercial terms of the GSA are confidential and are subject to the approval of the Minister of Energy and Natural Resources (the "Minister").