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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Coro Energy Plc | LSE:CORO | London | Ordinary Share | GB00BDCFP425 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.114 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Natural Gas Liquids | 6.71M | -4.12M | -0.0014 | -0.79 | 3.15M |
TIDMCORO
RNS Number : 3811S
Coro Energy PLC
11 March 2019
11 March 2019
Coro Energy plc
("Coro" or the "Company")
Plan of Development Approved For Mako Field, Duyung PSC, Indonesia
Coro Energy plc, the South East Asian focused exploration and production company, is delighted to announce that the Minister of Energy and Mineral Resources has approved the Plan of Development ("POD") for the Mako field, Duyung PSC, offshore Indonesia.
On 11 February 2019, Coro announced the acquisition of a 15% stake in the Duyung PSC, which covers an area of approximately 890 km(2) in the West Natuna basin and is proximal to the West Natuna Transportation System ("WNTS"), a gas pipeline to markets in Singapore. WNTS currently supplies approximately 0.4 billion standard cubic feet ("Bcf") per day to Singapore. A resource audit by Gaffney Cline & Associates, dated November 2018 reported 276 Bcf of contingent (2C) resources attributable to the Mako field.
James Menzies, Chief Executive Officer, commented;
"We are pleased to see this project advancing so soon after the announcement of our acquisition, the approval of the POD for the field is a key step toward monetizing the Mako gas. The Duyung partners are finalizing plans for the 2019 drilling campaign which we expect to commence in late summer and we look forward to updating the market shortly with our plans."
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information please contact:
Coro Energy Plc James Menzies, Chief Executive Tel: 44 (0)20 3965 7917 Officer Andrew Dennan, Chief Financial Officer Grant Thornton UK LLP (Financial and Nominated Adviser) Colin Aaronson Tel: 44 (0)20 7383 5100 Jen Clarke Harrison J Clarke Seamus Fricker Vigo Communications - IR/PR Advisor Patrick d'Ancona Tel: 44 (0)20 7390 0230 Chris McMahon Mirabaud Securities Ltd (Joint Broker) Peter Krens Tel: 44 (0)20 3167 7221 Ed Haig-Thomas Turner Pope Investments (TPI) Ltd (Joint Broker) Ben Turner Tel: 44 (0)20 3621 4120 James Pope
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
March 11, 2019 03:00 ET (07:00 GMT)
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