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Duyung PSC 2019 Drilling Programme Approved
Duyung PSC 2019 Drilling Programme Approved.
About this update from Coro Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3218X Coro Energy PLC 29 April 2019 \n\n29 April 2019\nNot for release, publication or distribution to United States newswire services or for release, publication or dissemination in the United States and does not constitute an offer of the securities herein. \n\nThis press release does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this press release have not been, and will not be, registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws. There is no public offering of the securities in the United States expected. \n \nCoro Energy plc\n(\"Coro\" or the \"Company\")\nDuyung PSC, 2019 Drilling Programme Approved\nCoro Energy plc is pleased to announce that the Duyung partners have agreed the upcoming drilling programme in the Duyung Production Sharing Contract (\"PSC\") in the West Natuna basin, offshore Indonesia which contains the Mako gas field. \nThe campaign will comprise two wells, one exploration well designed to test the Tambak prospect beneath the central area of the Mako gas field, and one well designed to appraise the intra-Muda sandstone reservoir in the southern area of the Mako field. The drilling campaign is anticipated to start in September 2019, with each well taking approximately 33 days to drill and test. The gross cost of the programme is expected to be approximately $17 MM to the PSC partners on a fully tested basis, including rig mobilisation and de-mobilisation. As part of the deal to acquire its 15% interest in the PSC, Coro will be contributing $10.5 MM to the total cost of the drilling campaign and Coro is fully funded for both that as well as its residual 15% share of the programme costs.\nThe Tambak prospect is an inverted anticlinal structure located beneath the main Mako gas field in the central area of the field. The prospect contains approximately 250 Bcf of prospective resources in the mid-case and is risked at a 45% chance of geological success. The well will be drilled to a total d...