British’ energy producer, Coro Energy Plc announced to acquire another 15% participating interest in the Duyung Production Sharing Contract (PSC), which contains the Mako gas field, located in West Natuna Basin.
The Duyung PSC is 100% owned and operated by West Natuna Exploration. The operator shareholders consist of Singapore’ Conrad Petroleum (90%) and Empyrean Energy (10%).
The Mako gas field’ commercial viability was demonstrated by the Mako South-1 well drilled by West Natuna Exploration in 2017 to the core and test the Mako reservoir, flowing up to 10.8 MMscfd of dry gas on test.
Coro Energy has today paid a total of US$2.95 million in cash (comprised of US$1.75 million of the West Natuna Exploration cash consideration and US$1.2 million of drilling campaign contribution), which shall be treated as a break fee in the event the company fails to complete.