Duyung PSC

Coro Energy has a 15% direct interest in the Duyung PSC, West Natuna basin, offshore Indonesia.

MAKO GAS FIELD

Key facts

• Located in the West Natuna basin, offshore Indonesia 
• Shallow depth of reservoir, circa 400m, Intra-Muda sandstone reservoir
• Six wells have penetrated the field to date including two wells in Q4 2019 in highly successful appraisal drilling campaign
• Two wells successfully flow tested at rates of 9 MMscf/d to 11.5 MMscf/d  
• Demonstrated large, single tank reservoir
• The field is located close to the West Natuna Transportation System ("WNTS") offering the potential to sell gas into the Singapore market
• Favourable gas pricing in the developed Singapore market, with piped gas from West Natuna competing with LNG import

Plans for Development

Highly successfully appraisal drilling campaign undertaken in Q4 2019 led to 80% increase in 2C resources to 495 Bcf (gross) and 108% increase in 3C resources to 817 Bcf (gross).

Contingent resources are expected to be upgraded to reserves once key commercial milestones have been achieved. These milestones are the focus for 2021 and include submission of an updated Plan of Development which incorporates increased resource estimates, as well as securing a Gas Sales Agreement.

A number of straightforward development concepts are under consideration by the Operator, Conrad Petroleum Ltd.

Partners are targeting Final Investment Decision in mid-2022.