Business
First Completion of Duyung PSC Acquisition
First Completion of Duyung PSC Acquisition.
About this update from Coro Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3128W Coro Energy PLC 16 April 2019 \n\n16 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.\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.\nCoro Energy plc\n(\"Coro\" or the \"Company\")\nFirst Completion of Duyung PSC Acquisition\n & Total Voting Rights \n \nCoro Energy Plc, the South East Asian focused upstream oil and gas company, is pleased to announce that it has completed its payment obligations to acquire its 15% working interest in the Duyung PSC by paying the outstanding cash consideration of $10.5 million and issuing the existing PSC shareholders $1.85 million in new Coro shares, as previously announced on 11 February 2019.\nFirst Completion of Duyung PSC Acquisition\nCoro has now paid the existing owners of the Duyung PSC a total consideration of $2.95 million in cash and $1.85 million in Coro shares as well as providing a $10.5 million contribution towards the 2019 exploration and appraisal drilling campaign to earn its 15% interest in the Duyung PSC. Transfer of title of the 15% PSC interest to Coro's name is subject to customary Indonesian regulatory approval which is expected to follow, with a long stop date of 31st December 2019. Should regulatory approvals not be forthcoming, Coro has agreed to receive transfer of 15% of the shares of West Natuna Exploration Limited, the current owner of the Duyung PSC.\nCoro has today issued a total of 60,905,037 new ordinary shares of 0.1 pence each in the Company (\"Consideration Shares\"), calculated as the 30-day volume weighted average price of Coro's shares up to the date of signing the acquisition agreement in February, being 2.3...