Tuesday 21 April 2020

Coro Energy, the Southeast Asian focused upstream oil and gas company, announces its audited final results for the year ended 31 December 2019.

Highlights:

South East Asia

· Secured 15% interest in the Duyung Production Sharing Contract, Indonesia

· Participated in the drilling of two successful appraisal wells on the Duyung PSC, increasing gross (full field) 2C resources by 217 Bcf based on estimates by the operator

· Continued the technical evaluation of Block 2A in Malaysia

· Acquisition agreement for the Bulu PSC allowed to lapse post year-end due to increasing uncertainty surrounding operating partner

Corporate

· Issued a €22.5m Eurobond

· Signed binding, conditional agreement to dispose of our non-core Italian business

· Strengthened institutional investor presence via appointment of additional corporate broker and new nominated advisor

· Implemented significant cost saving measures post year-end in light of the COVID-19 pandemic and challenging market conditions

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