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CORO Coro Energy Plc

0.1375
0.00 (0.00%)
Last Updated: 08:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Coro Energy Plc CORO London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 0.1375 08:00:00
Open Price Low Price High Price Close Price Previous Close
0.1375 0.1375 0.1375 0.1375
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Industry Sector
OIL & GAS PRODUCERS

Coro Energy CORO Dividends History

No dividends issued between 23 Apr 2014 and 23 Apr 2024

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Top Posts
Posted at 16/4/2024 09:59 by jason90
I would also like to see Capton Energy align strategically with Coro (Check out Capton Energy website). That would show significant confidence with Coro as a key player for renewables transition in ASEAN. We have seen numerous Twitter posts by Coro recently around the need for more renewables in Asia. And more investment coming into to fund these projects.

Let's hope Coro's grand masterplan works. It's now due.
Posted at 13/4/2024 16:17 by pavey ark
Hi The Sage,I spotted you post on the other board but as Coro's involvement in the Philippines is entirely based on renewables I thought it okay to reply here. I don't know what your specific complaint is but things have moved along here at a good pace and certainly at warp speed compared to Duyung.Coro is moving on with 4 ×100 Mw projects and the total RTB value could be as much as $80m ...the met mast data alone is very valuable.The Philippines is a major coal burning country with little in the way of "clean power" ......there are plenty of "green dollars " available for the development of these projects so Coro's data and permissions are very valuable........international pressure to reduce the amount of coal burned.The company has spent a great deal of time , effort and money getting to this very good place in the Philippines.....contacts made......reputation made.....I for one think that there is serious cash to be made here."More and better investment opportunities elsewhere".....???????????
Posted at 12/4/2024 20:54 by jason90
Thanks Pavey.

Just out of interest.. you mention that the Duyung asset is worth $40-50m to Coro.

Forgive me if I am wrong, but I thought Duyung NPV was at least $80m? Plus when you look at the current Brent Crude Oil price, then surely the Duyung NPV should be inflated even further?

Ok, so the new gas reserve estimate for Coro has been reduced recently (by about 15%)

That still gives an NPV over $70 million. (Am I right?)

And at least the renewables (as you quite rightly say Pavey) are being very well developed, so Coro clearly see a positive path forward here..

I have done a little research around companies doing gas sales in Indonesia over the years. Many (BIG) players have pulled out previously because of the political bureaucracy and red tape. But it appears Conrad are getting over the final hurdles (fingers tightly crossed), albeit it has taken far,far longer than hoped or anticipated. But we are where we are, and we are inching ever closer to this deal being finalised to supply much needed gas to Singapore and Indonesia. (Don't forget the Keppel Jurong plant being built by Sembcorp, to be ready by 2026).

Now, Coro may be offered to sell enough of their Duyung stake up front to pay off the $30m loan, which would be a result, and then keep the remaining stake so they can receive regular gas sales payments over so many years.. (I am no expert at these things, as I am sure there are many complexities involved in such a transaction.)

There has also been mention of 'Drag and Tag Clauses', which I will be honest, would like someone to kindly explain what that could look like.

Thanks.
Posted at 12/4/2024 19:33 by odillon
Just to draw out the term about inflexions points referred to by Steelwatch.

The standstill is in place to continue negotiations and;

"whilst certain inflexion points in the business materialise, including the outcome of the Duyung Operator's farm out process."

There is a Sword of Damocles, as Coro point out that the standstill agreement can be withdrawn by the creditors at any time. But putting Coro to the sword would not be constructive when they can for-see a near future improvement in Coro's fortunes via Duyung e.g.

I think the all parties need to appoint a Concluder to put shareholders out of the misery of the various Waiting for Godot negotiations dragging on and on. It's Duyung my head in.
Posted at 28/3/2024 15:05 by odillon
Hi Steelwatch. I am working from the Coro RNS and the EME RNS of today. Both referred in tables to two reports one on 1 July 2022 and an update dated 31 December 2023.

Both make various downward resource estimates. I have just noticed they have different figures. For example where EME say the high case from the 31 December report is 425 and 3.8 per cent down from 1 July 2022 Coro say it is 591 and 24.1 percent down.

Perhaps it is down from 591 to 425. But I think that would be 28 per cent.

Whatever the correct figures I think you may be right that Coro and EME only leaned of then today. Which may explain why mistakes have been made in the rush to get the information out.
Posted at 21/3/2024 12:47 by dannymaz89
Could be a big win if they announce a sale of their portion of a near 1TCF gas pie5m mcap.. CORO interest $85m+Got to think where it is geographically bang next to China and Japan who are desperate for gashttps://www.coroenergyplc.com/sites/default/files/content-files/CoroEnergy-Investor%20Update%20Q1%202024-Short%20-%20V6.pdf
Posted at 25/1/2024 17:23 by pavey ark
Not wanting to get into another bun fight here but a bit depressing to see posts elsewhere completely ignoring any positive news on renewables.

As I type renewables are at least as valuable as even the most positive outcome from Duyung......that is 15% of Duyung sold and debt paid.

As the renewable programme moves on the difference becomes even greater.

The most recent news has been that a Vietnamese bank is willing to provide up to c.$17m finance (50% in stages) for Coro to install solar panels across 900 sites in Vietnam.
The first 9 site pilot is to cost c.$300k then if this proves the project they will move ahead with the rest to a total of 50MW......this is a $33m-$35m deal.

The target for Coro is 150MW installed in Vietnam.

Then we have the very important and large investor Capton. This deal still being negotiated but Capton are very interested in buying into Coro's Vietnam operation !!!

Another rather technical point announced recently is that their Philippine met mast will provide data that is applicable to more than one wind farm site .....this data is essential for any wind farm project and is therefore very valuable.
Coro also have 12 months LIDAR data so they have all the data that ANY investor would demand before financing the projects.....even if Coro don't build the wind farms this data is worth millions.

Then we have the Philippine 100MW solar farm....doesn't need the same data but complicated land deal leases etc ...should be moving along and must be RTB in a few months ??!!

At RTB stage on any of the Philippine projects Coro would have the opportunity to sell the site with all permissions etc.....no info/hints have been given but at this stage ,and Duyung taking forever, the temptation would be there.

The Philippine solar would be the first to reach RTB and could be sold for $15m-$20m
This is a $100m project so the value here is getting it handed to you absolutely ready to go.
The wind projects are $175m each so the value of all Coro's data and permissions is even more obvious.
Posted at 17/1/2024 22:36 by pavey ark
man1, no the mobile world deal and the Capton deal are not one and the same but look to be rather closely related.Capton come to CORO and say that they are interested in investing in Coro's Vietnam solar "The funding proposal received is for Capton to buy into Coro's current Vietnamese solar projects and provide investment into Coro's project pipeline of up to 50 megawatts" 3/8/23

Mobile World 10/10/23
"the potential to install 360MW of rooftop solar across all locations. The MoU grants Coro exclusivity on an initial 900 company sites (estimated at 50MW of rooftop solar capacity).
(Mobile World obviously think that Coro have the means to install solar on a large number of sites)

Vietnam renewables restructuring 24/11/23

Their Vietnam partner agrees to a reduction in their holding .....smaller share of a much bigger business?

Capton will have spent money on doing due diligence and as far as we know the deal is still "live" as is the mobile world deal.

The company haven't stated that the deals are related but I'm not sure Coro could go into a deal the size of the world Mobile deal without being confident they can get financial backing ....whither this backing comes from Capton is the question but things do seem to be lined up.

A few facts from company announcements and a bit of guesswork by myself !!!
Posted at 22/11/2023 21:15 by pavey ark
10owen, rather more confident that Coro and Michael Carrington can deliver ....as they have in the past.
Coro has absolutely no control/input at Duyung ...it's all down to Conrad.

The Capton Energy deal looks rather linked to the recent Mobile World "estimated at 50MW of rooftop solar capacity"
Capton Energy: "The funding proposal received is for Capton to buy into Coro's current Vietnamese solar projects and provide investment into Coro's project pipeline of up to 50 megawatts"

Coro does have a large pipeline of solar deals so perhaps not a direct connection with World Mobile but given the recent data coming out of SE Asia and the need/desire for renewable energy Capton is unlikely to be the only source of capital.....but I'm sure they are very interested.

One last point: I can't see Coro going chasing new 50MW deals without lining up the capital.....they have enough existing projects to go one at a time 3Mw-4Mw....so 50 MW suggests to me that things are moving along.
Posted at 24/5/2023 17:02 by bengal1
Article today in " Upstream " on Coro.

"Time for decisions: Coro executive chairman James Parsons. Photo: CORO

UK player considering Indonesia upstream exit
Coro Energy could pull out "if the terms are right"

24 May 2023 0:20 GMT UPDATED 24 May 2023 0:20 GMT
By Amanda Battersby in Singapore

Southeast Asia-focused UK energy company Coro Energy is considering the divestment of its Indonesian upstream asset if the price is right, just months after agreeing the sale of its Italian portfolio.

Coro is a 15% partner in Conrad Asia Energy’s Duyung production sharing contract, where the operator itself is looking to farm down its current 76.5% interest ahead of taking the final investment decision on the Mako offshore gas field development.

“The operator of the Duyung PSC announced it had engaged a global investment bank with a proven track record in similar transactions to lead a farm-down process for the divestment of a portion of its interest in the Duyung PSC. The operator [Conrad] advised bids are expected to be received during the second quarter of 2023,” noted Coro.

“Coro may participate pro rata in the farm-down process as various drag and tag along clauses exist in the Joint Operating Agreement. Coro may also entertain a full exit, depending on the terms offered,” the company said.

The Duyung partners are continuing to work on commercialising Mako with the current focus on securing a binding Gas Sales Agreement.

The Indonesian authorities have approved the revised Plan of Development for Mako based on a production rate of 120 million cubic feet per day of gas, up from the previous 44 MMcfd, with the ability to increase output up to 150 MMcfd after the first year, depending on well performance.

Meanwhile, front-end engineering and design work for Mako, including for the mobile offshore production unit and subsea umbilicals, risers and flowlines is progressing on schedule.

An exit from Duyung following Coro’s departure from Italy would see the independent focusing on Southeast Asia renewables projects.

The company in 2022 completed its first rooftop solar project of 3 megawatts in Vietnam, following the signing a 25-year Power Purchase Agreement, which started delivering electricity last October.

Also, Coro is working on planning and permitting activities for both renewable solar and wind projects in the Philippines. An application for a WESC (Wind Energy Service Contract) was submitted in 2022 and a Lidar installed to collect data.

On the financial front, Coro achieved a $2.6 million profit in 2022 after resuming and increasing gas production from its Italian onshore operations to benefit from the rise in gas prices in Italy.

However, Coro in March agreed to sell for 7.5 million euro ($8.08 million) its Italian producing portfolio to the UK’s Zodiac Energy "

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