Coro Energy, the Southeast Asian focused upstream oil and gas company, announces its audited final results for the year ended 31 December 2019.
Highlights:
South East Asia
· Secured 15% interest in the Duyung Production Sharing Contract, Indonesia
· Participated in the drilling of two successful appraisal wells on the Duyung PSC, increasing gross (full field) 2C resources by 217 Bcf based on estimates by the operator
· Continued the technical evaluation of Block 2A in Malaysia
· Acquisition agreement for the Bulu PSC allowed to lapse post year-end due to increasing uncertainty surrounding operating partner
Corporate
· Issued a €22.5m Eurobond
· Signed binding, conditional agreement to dispose of our non-core Italian business
· Strengthened institutional investor presence via appointment of additional corporate broker and new nominated advisor
· Implemented significant cost saving measures post year-end in light of the COVID-19 pandemic and challenging market conditions
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