StockMarketWire.com - South-East Asia focused oil and gas firm Coro Energy has reported mixed results from its Tambak-1 well in the Duyung production sharing contract (PSC) offshore Indonesia.

The well was designed to appraise the Mako gas field and to test the underlying Tambak exploration prospect.

The appraisal process was described as 'highly successful' but the Tambak exploration prospect failed to uncover commercial hydrocarbons.

James Menzies, CEO commented: 'We are very pleased with the flow test results announced today and the appraisal results overall from this drilling campaign, which confirms the Mako field as being a very valuable gas resource.'

Coro holds a 15% stake in the PSC. Empyrean Energy is another participant with an 8% stake.

Story provided by StockMarketWire.com