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
• Indonesian government approval received in November 2022 to export up to 100% of gas production to Singapore.

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).

These have recently been evaluated by Gaffney Cline & Associates in their August 2022 CPR as detailed in the above table.

A revised Plan of Development has been approved by the partners & the Indonesian Ministry of Energy and Mineral Resources.

The operator has indicated that termed Gas Sales Agreements for gas sold into Singapore are under discussion with SKK Migas.

FID is expected by mid- 2023 with first gas in 2025.