Coro Energy PLC (AIM:CORO) chief financial officer Ewen Ainsworth speaks to Thomas Warner from Proactive after the South East Asian-focused energy company announced major step towards the development of the Mako gas field in the Natuna Sea, Indonesia. Coro has a 15% participating interest in the Duyung PSC which hosts Mako and Ainsworth explains that project operator WNEL has now signed a non-binding term sheet with Sembcorp Gas for a long-term gas sales agreement for the Mako gas field, and, significantly, Coro noted that the agreement has been endorsed by SKK Migas, the Indonesian petroleum upstream regulator.
The agreement is pivotal for the project's goal of producing and selling gas, ensuring returns for shareholders. Ainsworth says that the de-risking process is on track, targeting a field investment decision by end-2023.
He emphasises that the announcement marks a crucial step in quantifying the project's value and therefore Coro's stake in it, and also touches upon other recent developments at the company.
Looking ahead, Coro is actively engaged in renewable energy ventures, including wind and solar projects in the Philippines and Vietnam.