Coro Energy PLC has released an update on the Mako Gas Field resources in the Duyung Production Sharing Contract (PSC) offshore Indonesia. The Operator, Conrad Asia Energy Ltd, provided an update on the Mako Gas Field reserves and resources as of 31 December 2023. The update follows an earlier reserves and resource report and proposes a two-phase development plan based on six initial development wells tied back to a leased production platform at the Mako gas field.
The revised estimates of gross recoverable dry gas as of 31 December 2023 per the Update Report are as follows: 1C (Low Case) Bcf gas - 227, 2C (Best Case) Bcf gas - 392, and 3C (High Case) Bcf gas - 591. These estimates include volumes estimated to be recoverable from the Mako Field beyond the Duyung PSC expiry. Consequently, the net attributable to Coro 2C resources up to the Duyung PSC expiry are reduced from 42.1 to 36.6 Bcf gas. The revisions pertain to the revised FID timing and delay in Mako field production startup until mid-2026.
The full field resources above are classified as contingent, and gas volumes are expected to be upgraded to reserves once select commercial milestones have been achieved, including execution of a Gas Sales Agreement ("GSA") and a Final Investment Decision. The volumes presented are "unrisked" and the last economic production year prior to the Duyung PSC expiry date for 1C, 2C, and 3C is 2033, 2036, and 2036, respectively. Without considering the Duyung PSC expiry date, 2C and 3C can be produced commercially up to 2037 and 2041, respectively.
The information contained in the announcement has been reviewed by Coro's Upstream Oil & Gas Adviser, Leonardo Salvadori, and is in accordance with 2018 Petroleum Resources Management System ("PRMS") standards sponsored by SPE.
For further information, please refer to the contact details provided in the announcement.