Coro Energy gets final approvals for Duyung buy-in

South east Asia-focussed upstream oil and gas company Coro Energy announced on Friday that all necessary Indonesian regulatory approvals for the transfer of title of the 15% direct interest in the Duyung production sharing contract to Coro had now been received.

The AIM-traded firm said that as a result, final completion of the acquisition of the PSC interest from West Natuna Exploration had now been achieved.

It said the license holders of the Duyung PSC were now Conrad Petroleum, which is the operator with a 76.5% interest, alongside Coro with a 15% non-operated interest, and Empyrean Energy with an 8.5% non-operated interest.

“The company looks forward to the publication of the revised independent reserve audit report from Gaffney Cline & Associates following the successful appraisal drilling campaign in the fourth quarter of 2019, which is expected to be announced later in the month,” Coro Energy said in its statement.

At 1307 BST, shares in Coro Energy were up 13.18% at 0.48p.