Coro Energy upbeat as Mako plan of development gets approved

Southeast Asia-focussed exploration and production company Coro Energy announced on Monday that the Indonesian Minister of Energy and Mineral Resources has approved the plan of development for the Mako field, Duyung production sharing contract.

The AIM-traded firm had announced the acquisition of a 15% stake in the Duyung production sharing contract, which covers an area of approximately 890 square kilometres in the West Natuna basin, on 11 February.

It said it was proximal to the West Natuna Transportation System, a gas pipeline to markets in Singapore.

The pipeline currently supplied around 0.4 billion standard cubic feet per day to Singapore.

A resource audit by Gaffney Cline & Associates, dated November last year, reported 276 billion cubic feet of contingent resources attributable to the Mako field.

“We are pleased to see this project advancing so soon after the announcement of our acquisition, the approval of the plan of development for the field is a key step toward monetising the Mako gas,” said Coro Energy chief executive officer James Menzies.

“The Duyung partners are finalizing plans for the 2019 drilling campaign which we expect to commence in late summer and we look forward to updating the market shortly with our plans.”