Coro Energy PLC (AIM:CORO) shares surged higher in Friday’s early deals after the AIM-quoted firm announced its proposed development of the Mako field, in Indonesia, has received an important regulatory boost – with sales terms now approved.
The company, in a statement, said the project's gas price and volume allocation has been approved by the Indonesian Minister of Energy and Natural Resources.
It described the approval as a significant milestone that now allows the project operator to finalise fully termed gas sales agreements and advance the project closer to production.
Mako is expected to contribute to Indonesia’s goal of doubling gas production by 2030.
In London, Coro shares jumped around 34% higher on the news to change hands at 0.22p each.
Coro holds a 15% interest in Mako (the Duyung production sharing contract) alongside AIM-quoted peer Empyrean Energy PLC (AIM:EME) (Empyrean Energy PLC (AIM:EME)), while Conrad has 76.5%.