17th Apr 2019 10:35
LONDON (Alliance News) - Empyrean Energy PLC on Wednesday said it has received its pro rata share of the funds from Coro Energy PLC as part of Coro's acquisition of a 15% interest in the Duyung production sharing contract in Indonesia.
Empyrean received USD120,000 in cash and USD175,000 in shares, from its 10% stake in the contract.
Empyrean shares were down 3.1% at 9.06 pence, while Coro shares were trading up 12% at 2.65p.
South East Asia-focused oil and gas company Coro on Tuesday said it has completed its payment obligations for the Duyung 15% working interest acquisition.
Coro paid USD3.0 million in cash and USD1.9 million in shares as well as contributed USD10.5 million towards the 2019 exploration and appraisal drilling campaign to earn its interest.
Coro has issued 60.9 million shares at a price of 2.3492 pence each.
The drilling campaign, in particular, will focus on the offshore Mako gas field within the PSC, which according to an independent report on the field has 276 billion cubic feet in 2C recoverable resources and 392 billion cubic feet of 3C resources.
Related Shares:
EmpyreanCoro Energy