Share Prices & Company Research

Market News

29 Apr 2019 | 09:30

Coro Energy says drilling of Mako gas field to get underway in September

Coro Energy said its partners had agreed to get drilling of the Mako gas field, located offshore Indonesia, underway in September. The drilling campaign would include two wells, one exploration well designed to test the Tambak prospect beneath the central area of the Mako gas field, and one well designed to appraise the intra-Muda sandstone reservoir in the southern area of the Mako field, the company said. The drilling campaign is anticipated to start in September 2019, with each well taking approximately 33 days to drill and test. The gross cost of the programme was expected to be approximately $17m to the Duyung Production Sharing Contract partners on a fully tested basis, including rig mobilisation and de-mobilisation. As part of the deal to acquire its 15% interest in the Duyung Production Sharing Contract, Coro would be contributing $10.5m to the total cost of the drilling campaign. The Tambak prospect contained approximately 250 Bcf of prospective resources in the mid-case and was risked at a 45% chance of geological success. The second well in the programme,an appraisal well, was designed to intersect the intra-Muda reservoir at approximately 380 metres. 'An independent review by Gaffney Cline & Associates ascribed gross 2C resources of 276 Bcf (48.78 MMboe) of recoverable dry gas in the Mako field with gross 3C resources of 392 Bcf (69.3 MMboe) representing additional field upside,' the company said.

At 9:30am: (LON:CORO) Coro Energy Plc Ord 0.1p share price was +0.1p at 2.55p

Story provided by StockMarketWire.com
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.