REG - Coro Energy PLC - Duyung PSC - Binding GSA with PGN

Coro EnergyAnnouncement

24/06/2024 07:00

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RNS Number : 4882T  Coro Energy PLC  24 June 2024

24 June 2024

 

Coro Energy Plc

("Coro" or the "Company" and together with its subsidiaries the "Group")

 

Duyung PSC - Binding GSA with PGN

 

Coro Energy PLC, the South East Asian energy company with a natural gas and
clean energy portfolio, notes the announcement released by Conrad Asia Energy
Ltd ("Conrad" or the "Operator"), the holder of a 76.5% operated interest in
the Duyung Production Sharing Contract (PSC), offshore Indonesia, in which the
Group has a 15% interest.

 

On 28 March 2024, the Company announced that binding key terms had been
agreed for the sale and purchase of the domestic portion of the Mako gas field
with PT Perusahaan Gas Negara Tbk ("PGN"), the gas subsidiary of PT Pertamina
(Persero), the national oil company of Indonesia. The Operator today announced
that it had now entered into a binding Gas Sales Agreement ("GSA").

 

The GSA, which includes a seven month long stop date, is subject to the
construction of the pipeline connecting the West Natuna Transportation System
with the domestic gas market in Batam, and it forms part of the Domestic
Market Obligation, as set out in Mako's revised Plan of Development.  The
total contracted gas volume under the GSA is up to 122.77 trillion British
Thermal Units ("TBtu") with estimated plateau production rates of 35 billion
British Thermal Units / day ("BBtud").  The terms of the GSA are
confidential.

 

The remainder of the Mako sales gas volumes are targeted to be sold to
Singapore, where a non-binding Term Sheet was signed in 3Q 2023. Conrad is
moving towards finalising a GSA for the Mako export gas.

 

Further details can be found in the Conrad announcement this morning.

 

 

For further information please contact:

 

 Coro Energy plc                                          Via Vigo Consulting Ltd

 Cavendish Capital Markets Limited (Nominated Adviser)    Tel: 44 (0)20 7220 0500

 Adrian Hadden

 Ben Jeynes

 Hybridan LLP (Nominated Broker)                            Tel: 44 (0)20 3764 2341

 Claire Louise Noyce

 Vigo Consulting (IR/PR Advisor)                          Tel: 44 (0)20 7390 0230

 Patrick d'Ancona

 Finlay Thomson

 

 

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.

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