Coro Energy PLC (AIM:CORO) has confirmed authorities have given the green light to an updated development plan for the Mako Gas Project offshore Indonesia.
The company has a 15% interest in the operation that is expected to begin production in 2025 at 120mln cubic feet of gas per day.
The updated plan allows for 100% of the output to be exported to Singapore via existing infrastructure.
However, if a pipeline is then built that can take the gas to Indonesia up to 25% can be diverted in this direction.
The new blueprint is based on a contingent Duyung 384bn cubic feet "gross" within the Duyung production sharing contract (PSC) area on which Mako resides.
This, investors were told, represents some 297bn cubic feet net attributable to the Duyung PSC joint venture, of which Coro is part.
The operator is West Natuna Exploration, which owns 76.5% of the PSC.