Coro Energy completes acquisition of 15 per cent interest in Duyung PSC

The Coro Energy Public Limited Company has completed the acquisition of a 15 per cent interest in the Duyung PSC in the West Natuna basin, offshore Indonesia, from West Natuna Exploration Limited, for a purchase consideration of $15.3 million. The purchase consideration consists of $4.8 million in cash and shares (comprising $2.95 million in cash and $1.85 million in Coro shares) and $10.5 million in partial funding of the 2019 drilling programme for a 15 per cent interest, representing an effective acquisition price of $0.34 per mmbtu on a 2C basis. The Duyung PSC is located in the West Natuna basin, offshore Indonesia, and contains the shallow water Mako gas field. Following the transaction, Conrad Petroleum Limited owns a 76.5 per cent operating interest, Coro owns 15 per cent non-operating interest and Empyrean Energy Public Limited Company owns the remaining 8.5 per cent non-operating interest in the Duyung PSC.