Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Coro Energy and Empyrean Energy said they had commissioned Gaffney Cline and Associates to update a resource estimate for the Mako field offshore Indonesia.
The companies also said an acquisition agreement for the filed had been extended while they awaited regulatory approval.
Coro Energy had agreed to acquire a 15% non-operated interest in the related Duyung production sharing contract.
The partners had now agreed to a six-month extension to allow for the receipt of necessary Indonesian approvals to 30 June 2020.
The revised competent persons report would be published using new data acquired from a fourth-quarter 2019 appraisal drilling programme, including a drill stem test at the Tambak-1 well.
Coro Energy said it continued to estimate an upgrade in the resource size of around 100bn cubic feet in the 2C category as a result of the drilling campaign.
At 1:35pm:
(LON:CORO) Coro Energy Plc Ord 0.1p share price was +0.05p at 1.3p
(LON:EME) Empyrean Energy PLC share price was -0.15p at 7.2p