Coro Energy PLC (AIM:CORO) has announced the signing of a binding Gas Sales Agreement (GSA) with PT Perusahaan Gas Negara Tbk (PGN) for the domestic portion of the Mako gas field.
The agreement is contingent upon the construction of a pipeline connecting the Mako field to the West Natuna Transportation System and the domestic gas market in Batam, the company noted in a statement.
The GSA includes a seven-month long-stop date.
The total contracted volumes under the GSA are up to 122.77 trillion British Thermal Units (TBtu), with estimated plateau production anticipated to reach 20.3 billion British Thermal Units per day (BBtud), Coro added.
Specific terms of the GSA are confidential and were not disclosed by the company.
The remaining Mako sales gas volumes are targeted to be sold to Singapore, with a Heads of Terms Sheet already signed in the third quarter of 2023.
Coro holds a 15% direct interest in the Duyung PSC, which hosts the Mako field.