Conrad Asia Energy, (ASX:CRD) its subsidiary, and West Natuna Exploration (WNEL), operator of Duyung Production Sharing Contract (PSC), signed a settlement agreement with Coro Energy and Coro Energy Duyung (Singapore), according to a Thursday filing with the Australian bourse.
The agreement outlines the transfer of Coro Duyung's 15% participating interest in the Duyung PSC to WNEL, bringing WNEL's total interest to 91.5%, the filing said.
Coro Duyung is also released from any obligation to pay cash calls, and WNEL will receive a total cash consideration of $300,000 from Coro Energy.
The agreement is contingent on approval from Indonesia's Ministry of Energy and Mineral Resources and shareholder approval, per the filing.
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