Coro Energy has announced that it has agreed with Malaysia's Petronas to conduct a joint technical study over Block 2A, offshore Malaysia, to evaluate any potential drilling opportunities.
Block 2A is located in offshore Sarawak. The block is yet to be drilled and located in deepwater area. with the nearest discovery located approximately 70km to the east of the block.
Under the terms of the study Coro will have permission to conduct an extensive technical analysis of the acreage, thereafter Coro will have the option to apply for a Production Sharing Contract for the block, subject to Petronas' approval.
James Menzies, Coro CEO commented: "We would like to thank Petronas for giving Coro the opportunity to work on this exciting acreage. This is a fantastic opportunity for Coro to use its technical skills in firming up these very large structural leads to drillable prospects using the very high quality data now at our disposal."