Coro Energy has signed an agreement to acquire a 15% direct interest in the Duyung Production Sharing Contract (PSC) in the West Natuna Basin, offshore Indonesia from West Natuna Exploration (WNEL).

The Duyung PSC is 100% owned and operated by WNEL.

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The West Natuna Basin comprises the shallow water Mako gas field, which is located 16km from the West Natuna Transportation System.

Under the terms of the binding conditional agreement, Coro Energy will pay a $4.8m cash and shares consideration, which consists of $2.95m in cash and $1.85m in shares.

“The operator, Conrad Petroleum, has done a great job in bringing the project forward and advancing the technical understanding of the field and the surrounding prospects.”

Coro Energy will also contribute $10.5m toward the drilling campaign for 2019 to acquire the stake in the Duyung PSC.

The company has submitted a field development plan for Mako to the Indonesian authorities for approval, as well as started initial gas marketing discussions.

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Coro Energy CEO James Menzies said: “Mako is a high-quality asset with a great address: a large undeveloped resource in a prolific basin and close to existing infrastructure with capacity, providing access to a hungry market in Singapore.

“The operator, Conrad Petroleum, has done a great job in bringing the project forward and advancing the technical understanding of the field and the surrounding prospects, and we are delighted to now be working with them.”

WNEL shareholders consist of Singapore’s Conrad Petroleum (90%) and Empyrean Energy (10%).

The Mako gas field’s commercial viability was demonstrated by the Mako South-1 well drilled by WNEL in 2017 to the core and test the Mako reservoir, flowing up to 10.8MMscf/d of dry gas on test.