24th Sep 2019 12:06
(Alliance News) - Coro Energy PLC said on Tuesday the rig hired for drilling on Indonesia's Duyung field is now on the way.
In mid-August, Coro, which owns 15% of the project, said the first well would hopefully be spud during October, and this was reiterated Tuesday.
Coro operates the Duyung contract alongside Empyrean Energy PLC and Conrad Petroleum. It lies off the Indonesian coast in the West Natuna basin, and includes the Mako gas field.
The rig will drill two wells, mainly the intra-Muda sandstone reservoir on the south of the Mako field, and also on the Tambak prospect which is on the central area of Mako.
Coro shares were 6.0% lower on Tuesday at midday in London at 2.92 pence each, with Empyrean down 0.7% at 10.18p.
By George Collard; [email protected]
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