Coro Energy shares jumped 19% on a report its stake in the Mako field (Duyung) offshore Vietnam might be crystallised.
Operator Conrad Asia Energy said terms of a Mako gas sales agreement between a Singaporean buyer and the Indonesian regulator are expected to be finalised during the second quarter.
Conrad has appointed an investment bank to handle a sale of some or all its share in Duyung with bids expected to be received this quarter.
Coro, which holds a 15.0% interest in the Duyung PSC, said it might participate pro rata in the farm-down process as various drag and tag along clauses exist in the Joint Operating Agreement.
Coro may also entertain a full exit, it added, depending on the terms offered.
Mako is the largest undeveloped and fully appraised gas field in the West Natuna Basi, with production exported from the basin by pipeline to Singapore.
Shares rose 0.04p to 0.23p.
Empyrean Energy, which has an 8.5% stake in Mako, was flat at 1p.