(AIM:CORO ) has finally completed its acquisition of a 15% stake in the Duyung production sharing contract (the "Duyung PSC"), offshore Indonesia, which contains the Mako gas field.
The group told investors that all necessary Indonesian regulatory approvals for the transfer of title of the 15% direct interest in the Duyung PSC to Coro have now been received.
The Southeast Asian-focused upstream oil and gas firm received 15% of the shares from Duyung PSC’s title holder and operating company, West Natuna Exploration Limited.
Coro Energy had previously agreed to pay $4.8m cash and shares consideration, which consists of $2.95m in cash and $1.85m in shares, under the terms of the agreement.
Shares in Coro Energy opened flat at 0.425p on Friday morning.
Duyung PSC’s licence consists of Conrad Petroleum Ltd (76.5% operated interest), Coro (15% non-operated interest) and Empyrean Energy plc (8.5% non-operated interest).
A publication of a revised independent reserve audit report from Gaffney Cline & Associates, who was commissioned to update its view of the Mako field, is expected later this month.
The review follows the successful drilling campaign in the fourth quarter of 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.
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In a half year eport for the six month period to 31 March 2020, the group said it had met its initial objective in identifying and acquiring an early stage natural resources project which it believes holds “tremendous growth potential.”
The government is looking at ways to relax the 14-day quarantine rule for people entering the UK over coming months. As it stands from Monday, most people arriving by plane, ferry or train - including UK nationals - must self-isolate.
The group highlighted ‘a relatively strong financial position’ in final results for the year ended 31 December 2019 and now awaits drilling at the highly anticipated Perseverance #1 well in the Bahamas.