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Resource Audit of Mako Gas Field
Resource Audit of Mako Gas Field.
About this update from Coro Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 8322N\n Coro Energy PLC\n 26 May 2020\n \n \n \n This announcement contains inside information\n \n 26 May 2020\n Coro Energy plc\n (\"Coro\" or the \"Company\")\n \n Mako Resource Audit confirms Significant Upgrade\n \n Further to the announcement made on 14 April 2020, Coro Energy plc, the Southeast Asian focused upstream oil and gas company, is pleased to announce the results of an independent resource audit of the Mako gas field, which forms part of Duyung PSC in the West Natuna basin, offshore Indonesia (the \"Mako Gas Field\"), in which Coro holds a 15% non-operated direct interest. \n \n Following a highly successful drilling campaign undertaken in Q4 2019, the operator of the Duyung PSC, Conrad Petroleum Ltd (the \"Operator\"), engaged Gaffney Cline and Associates (\"GCA\") to complete an independent resource audit for the Mako Gas Field, further to the updated resource estimates prepared by the Operator detailed in the Company's announcement on 14 April 2020.\n \n GCA have now completed their audit, which confirms a significant resource upgrade for the Mako Gas Field compared to their previous resource assessment released in January 2019 (the \"2019 GCA Audit\"). 2C (contingent) recoverable resource estimates have been increased to 495 Bcf, an increase of approximately 79% compared with the 2019 GCA Audit and confirming the work completed by the Operator and partners. In the upside case, the 3C (contingent) resources have increased by approximately 108% compared with the 2019 GCA Audit and are also higher than the 3C estimate made by the Operator and the Duyung partners in April 2020 and announced on 14 April 2020. With GCA's confirmation of the latest upgrade, the Mako Gas Field has, on a 2C (contingent) resource basis, been shown to be one of the largest gas fields ever discovered in the West Natuna Basin and is, so the Company believes, currently the largest confirmed undeveloped resource in the surrounding area.\n \n Results of the updated resource audit\n \n The revised estimates of gross (full field) recoverable dry gas audited in the May 2020 GCA Audit are:\n \n \n \n \n Contingent Resource Estimates\n \n \n January 2019 GCA Audit\n \n \n May 2020 GCA Audit\n \n \n Increase\n \n \n \n \n \n \n \n Bcf\n \n \n Bcf\n \n \n %...