23 February 2024
Coro Energy Plc
("Coro" or the "Company" and together with its subsidiaries the "Group")
Ministerial Approval of Mako Gas Price & Allocation
Coro Energy PLC, the South East Asian energy company with a natural gas and clean energy portfolio, is pleased to announce that the gas price and volume allocation for the Mako field project in the Duyung PSC has been approved by the Indonesian Minister of Energy and Natural Resources (the "Minister"). This is a significant milestone that allows Conrad, the operator of the Duyung PSC, to finalise fully termed Gas Sales Agreements ("GSA"). The Mako project will contribute to Indonesia's target of doubling gas production by 2030.
· SKK Migas, the Indonesian upstream regulator, has informed Conrad, the operator of the Duyung PSC, that the Indonesian Minister of Mining and Natural Resources ("Minister") has issued a letter (the "Allocation Letter") which approves the volumes and prices for gas exported and sold domestically from the Mako gas field in the Natuna Sea.
· The Allocation Letter is a key step in advancing the documentation for the sales of Mako gas and access to the West Natuna Transportation System ("WNTS"), as it serves as the formal basis for reserving pipeline capacity for the evacuation of Mako gas. As previously announced, work continues to finalise the GSAs (with customary conditions precedent).
For further information please contact:
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Coro Energy plc James Parsons, Executive Chairman |
Via Vigo Consulting Ltd |
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Cavendish Capital Markets Limited (Nominated Adviser) Adrian Hadden Ben Jeynes |
Tel: 44 (0)20 7220 0500 |
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Hybridan LLP (Nominated Broker) Claire Louise Noyce |
Tel: 44 (0)20 3764 2341 |
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Gneiss Energy Limited (Financial Advisor) Jon Fitzpatrick Doug Rycroft |
Tel: 44 (0)20 3983 9263 |
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Vigo Consulting (IR/PR Advisor) Patrick d'Ancona Finlay Thomson |
Tel: 44 (0)20 7390 0230 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time. Upon the publication of this announcement, this inside information is now considered to be in the public domain.