Divestment timeline for Asian firm’s gas field stake gets bumped to year-end

October 1, 2025, by Melisa Cavcic

Coro Duyung, a subsidiary of Coro Energy in Southeast Asia, has revised the end date for the disposal of its interest in a natural gas field in the West Natuna Sea off the coast of Indonesia, which will enable it to pivot to its renewable energy portfolio once this sale closes its fossil fuels era.

Illustration; Source: Conrad Asia Energy

Following the previous changes to the long stop date, the South East Asian renewable energy developer has confirmed another extension to the long stop date for the sale of its interest in the Duyung production sharing contract (PSC).

This asset holds the Mako field operated by Conrad Asia Energy’s wholly-owned subsidiary, West Natuna Exploration Limited (WNEL), with 76.5% interest, with Empyrean Energy holding the remaining 8.5% stake.

The Indonesian Ministry of Energy and Mineral Resources (MEMR) announced a few months ago that the gas from the Mako field would be made available for the domestic market. Coro claims that the new long stop date has been mutually agreed as December 31, 2025, with a rolling extension thereafter if required.

The company, which is under the impression that the transaction is still on track, explains that the previously announced 12-month lock-in on Conrad Asia Energy shares it received under this transaction has been changed to a six-month lock-in from August 30, 2025, for shares issued at transaction completion and six months from the date of issue for all other shares.

“The transaction represents the final stage of the company’s strategic pivot to clean energy and enables the company to now focus its resources on its exciting renewables portfolios in Vietnam and the Philippines,” emphasized Coro.