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    Coro Completes Stake Buy at Duyung PSC


The license holders of the Duyung PSC are Conrad Petroleum, Coro and Empyrean Energy.

by: Shardul Sharma

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Coro Completes Stake Buy at Duyung PSC

Southeast Asia-focused Coro Energy May 22 said all necessary Indonesian regulatory approvals to complete the purchase of a 15% interest in the Duyung production sharing contract (PSC) have now been received.

“Accordingly, final completion of the acquisition of the PSC interest by the company from West Natuna Exploration Ltd has now been achieved,” it said.

The license holders of the Duyung PSC are now Conrad Petroleum (76.5% operated interest), Coro (15% non-operated interest) and Empyrean Energy (8.5% non-operated interest). The partners are reviewing their development plans for Mako field, projecting that the field could flow at a plateau rate of 150mn ft3/day. 

Coro said it was looking forward to the publication of the revised independent reserve audit report from Gaffney Cline & Associates (GCA) following the successful appraisal drilling campaign in the fourth quarter of 2019, which is expected to be announced later in the month. In April, Conrad significantly raised its resource estimates for Mako, discovered in 2017. GCA has been hired to update its assessment.