Business
Update and Directorate Changes
Update and Directorate Changes.
About this update from Coro Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 5500I\n Coro Energy PLC\n 02 April 2020\n \n \n \n 2 April 2020\n \n Coro Energy plc\n (\"Coro\", or the \"Company\")\n \n Statement re Oil Price Volatility\n \n Update on Disposal of Italian Operations\n \n Directorate Changes\n \n \n Coro Energy, the Southeast Asian focused upstream oil and gas company, provides the following update in relation to prevailing global oil prices, the disposal of its Italian operations and on cost reduction measures now being implemented by the Company to position Coro for the lower price environment and an anticipated likely temporary downturn in business development activities.\n \n Statement re oil Price volatility and update on disposal of Italian operations\n \n The Company's assets currently comprise a 15% non-operated interest in the Duyung production sharing contract,offshore Indonesia (the \"Duyung PSC\"), which contains the recently successfully drilled Mako gas field and a portfolio of Italian gas assets (the \"Italian Portfolio\"), which are subject to an ongoing disposal process.\n \n \n \n \n Following the highly successful appraisal drilling campaign on the Mako gas field in Q4 2019, which saw the Tambak-1 and Tambak-2 wells demonstrate the presence of well developed, high quality reservoir sandstones with a common gas water contact across the Mako structure, Gaffney Cline and Associates (\"GCA\") are in the process of conducting a new independent reserves audit for the Mako field and the Company looks forward to updating shareholders on the results of the updated GCA reserves audit, which is now expected to be published in late April. The Board continue to estimate an upgrade in the Mako field resource size of an additional c.100 Bcf in the 2C category as a result of the 2019 drilling campaign (GCA previously ascribed 2C resources of 276 Bcf and 3C resources of 392 Bcf to the Mako field).\n \n \n The Mako field is located close to the West Natuna pipeline system and gas from the field can be marketed to buyers in both Indonesia and in Singapore, where a heads of agreement with a gas buyer is already in place. With a Plan of Development approved by the Indonesian authorities, the conclusion of a gas sales agreement would mark the next step toward the final investment decision to develop and comme...