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Coro Energy completes acquisition of interest in Duyung PSC

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Oilfield Technology,

Coro Energy has announced that all necessary Indonesian regulatory approvals for the transfer of title of the 15% direct interest in the Duyung PSC (the PSC Interest) in the West Natuna Basin, offshore Indonesia, to Coro have now been received. Accordingly, final completion of the acquisition of the PSC Interest by the company from West Natuna Exploration has now been achieved.

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 publication of a revised independent reserve audit report from Gaffney Cline & Associates, following a successful appraisal drilling campaign in 4Q19, is expected later in the month.

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