Thursday, September 28th 2023

Coro, The Story So Far!

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Shares In Coro Energy Rally!

Coro Energy has recently seen its shares recover off the yearly lows firmly towards the annual highs as the company announced the mobilisation of its Asian Endeavour 1 rig to the Duyung PSC, Mako Gas field, were the Tambak-1 exploration and appraisal well commences the first in it’s two well programme. We can now confirm that the rig is in position awaiting the spud in its forthcoming campaign, an exploration well designed to test the Tambak prospect beneath the central area of the Mako gas field, and an appraisal well designed to primarily appraise the intra-Muda sandstone reservoir in the southern area of the Mako field, as well as gather stratigraphic information from the Lower Gabus interval.

Since inception Coro Energy’s first year has been a labour of love for CEO James Menzies who is no stranger to Oil & Gas in South East Asia, having experienced some turbulent time on the content before Salamander energy was sold to Ophir energy with an enterprise value of in excess of $500m. Menzies founded the company around his own kitchen table with many synergies to his latest stewardship with Coro energy after plumbing institutional financers earlier in the year in an attempted coup of Ophir. It is our opinion that Coro will continue to look for obvious ways to accelerate its existing assets as technical partners look to unlock material upside from the Marko gas field.

You can click here to hear our recent interview with  Coro Energy’s CFO Andrew Dennan

Earlier in the year James Menzies, Chief Executive Officer commented:

“We are pleased to announce the approval of the 2019 drilling campaign, for which we are fully funded. This drilling programme will provide our investors with near-term exposure to the exploration drill bit as well as low risk appraisal, which we are confident will add further value to our position in this exciting project.”

Whilst there is an immediate focus on the Duyung PSC investors may wish to review the latest hydrocarbon happenings in Sarawak as companies in the Neighbouring block PTTEP announced a multi-TCF find. The drilling result of the Lang Lebah-1RDR2 is historically PTTEP’s largest discovery. This affirms PTTEP’s strategy in organically growing reserves from exploration activities. The discovery will require further drilling to confirm upside potential however demonstrates further technical intrigue and interest.

You can see the A.E 1 rig mobilising into position at the Marko gas field

The author holds shares but was not remunerated to write the article

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