10th Dec 2018 11:27
LONDON (Alliance News) - Coro Energy PLC said Monday that it agreed with state-owned Petroliam Nasional Berhad, or Petronas, to conduct a joint technical study over Block 2A, located offshore Malaysia.
Under the deal, Coro will have permission to conduct a technical analysis of the block, following which it will be able to apply for a production sharing contract for the area, subject to Petronas' approval.
"We would like to thank Petronas for giving Coro the opportunity to work on this exciting acreage. This is a fantastic opportunity for Coro to use its technical skills in firming up these very large structural leads to drillable prospects using the very high quality data now at our disposal," Coro's Chief Executive Officer James Menzies said.
Coro shares were trading up 3.2% at 2.45 pence each.
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