Coro Energy Regulatory News (CORO)

21 December 2020

Coro Energy plc

("Coro" or the "Company")

Mako Gas Project - Updated Plan of Development

Coro Energy plc, the South East Asian energy company focused on supporting the regional transition to a low carbon economy, notes the announcement released by Empyrean Energy plc this morning in relation to the Mako Gas Field within the Duyung PSC, in which Coro holds a 15% interest. A significant amount of work has now been completed to update the Plan of Development ("Mako POD") by incorporating crucial and extensive data collected during the highly successful appraisal drilling program. Coro is pleased that SKK Migas (the Indonesian regulator) has accepted the significantly uplifted volume estimates, which are broadly in line with the independent resource audit by Gaffney Cline and Associates ("GCA") completed and announced in May 2020. These volumes will therefore form part of the updated Mako POD, which is currently being prepared.

SKK Migas Accepted Mako Gas in Place for updated Mako POD

The Mako Gas Field is located close to the West Natuna pipeline system and gas from the field can be marketed to buyers in both Indonesia and in Singapore. A Heads-of-Agreement with a gas buyer in Singapore is already in place. The conclusion of GSA negotiations will mark a further important step toward the final investment decision ("FID") to develop and commercialise the field.

The information contained in this announcement has been reviewed by Leonardo Salvadori, Coro's Managing Director, a qualified geologist and geophysicist and member of the Italian Society of Petroleum Engineers. Bscf means billion standard cubic feet of gas. The volumes included in this announcement are in accordance with SPE standards.