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Gas Sales Agreement Heads signed: Mako Gas Field
Gas Sales Agreement Heads signed: Mako Gas Field.
About this update from Coro Energy Plc
[{"type":"text","content":"\n\n12 September 2023\n \nCoro Energy Plc\n(\"Coro\" or the \"Company\")\n \nGas Sales Agreement Heads signed for the Mako Gas Field\n \nCoro Energy PLC, the South East Asian energy company with a natural gas and clean energy portfolio, announces that the operator of the Duyung PSC has signed the non-binding Term Sheet with Sembcorp Gas Pte. Ltd. for a long-term gas sales agreement for the Mako gas field. Critically, the Term Sheet has been endorsed by the Indonesian petroleum upstream regulator (SKK Migas).\n \nThe Mako gas field was discovered in 2016, and since that time the resource has been delineated through successful appraisal drilling. It received formal approval from the Government of Indonesia for the revised Plan of Development in late 2022. Coro has a 15% participating interest in the Duyung PSC.\n \nThe Term Sheet relates to the sale of Mako gas from start of production until 2037 for a total sales gas volume (100%) of c 293 Bcf with the potential to increase to c 392 Bcf. Gas sales will be priced against Brent oil.\n \nFurther details of the gas sales agreement will be released to the market once the agreement is executed.\n \nThe parties will now focus on finalising a definitive gas sales agreement.\n \nAn extract of the Operator announcement has been included below.\n \nChange of Name of Nominated Adviser\n \nThe Company also announces that its Nominated Adviser has changed its name to Cavendish Securities plc following completion of its own corporate merger.\n \nJames Parsons, Chairman, commented:\n \n\"I am delighted to have now secured the GSA Heads at the Duyung PSC, approved by the buyer and, critically, endorsed by the Indonesian authorities. \n \nThis is a critical step in the commercial de-risking of our project, positioning us perfectly for bids from the operator's farm-out process, which we expect to play out shortly.\"\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nFor further information please contact:\n\n\n\nCoro Energy plc\nJames Parsons, Executive Chairman\nEwen Ainsworth, Chief Financial Officer\n \n \n\n\nVia Vigo Consulting Ltd\n \n \n\n\n\n\nCavendish Securities plc (Nominated Adviser)\nAdrian Hadden\nBen Jeynes\n \n \n\n\nTel: 44 (0)20 7220 0500\n\n\n\n\nVigo Consulting (IR/PR Advisor)\nPatrick d'A...