Coro Energy PLC has received ministerial approval for the gas price and volume allocation for the Mako field project in the Duyung PSC from the Indonesian Minister of Energy and Natural Resources. This approval is a significant milestone as it allows the operator, Conrad, to finalize fully termed Gas Sales Agreements (GSA). The Mako project is expected to contribute to Indonesia's goal of doubling gas production by 2030.
The Indonesian upstream regulator, SKK Migas, has informed Conrad that the Indonesian Minister of Mining and Natural Resources has issued an Allocation Letter, approving the volumes and prices for gas exported and sold domestically from the Mako gas field in the Natuna Sea. This letter is crucial for advancing the documentation for the sales of Mako gas and access to the West Natuna Transportation System (WNTS), as it serves as the formal basis for reserving pipeline capacity for the evacuation of Mako gas. Work is ongoing to finalize the GSAs with customary conditions precedent.
The news release also includes contact information for further inquiries, including the company's executive chairman, the Nominated Adviser, Nominated Broker, Financial Advisor, and IR/PR Advisor.
This development marks a significant step forward for Coro Energy PLC and its Mako field project, as it secures the necessary approvals for gas price and volume allocation, paving the way for the finalization of Gas Sales Agreements and access to the West Natuna Transportation System.