Coro Energy Investors - CORO

Coro Energy Investors - CORO

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Coro Energy Plc CORO London Ordinary Share GB00BDCFP425 ORD 0.1P
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 0.305 08:00:00
Open Price Low Price High Price Close Price Previous Close
0.305 0.305 0.305 0.305 0.305
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Industry Sector

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helpfull: Titillating! "its share price, which has subsided some 95pc from levels of 8p back in 2017 to just over 0.3p" Nice to have some context. At the end of 2017 as Saffron Energy morphed into Coro Energy there were about 185,000,000 shares in issue. Soon to become 200,000,000 when a cornerstone investor was introduced early in 2018 when Coro Energy did what this company always does and raises cash. Today there are 2,111,622,173 shares in issue. That's a 10.55 fold increase in the number of shares. So anyone thinking "it was 8p once it could be 8p again" needs to think again. The mammoth share issue in February 2021 has flooded the market with Coro paper. The daily share sales represent the tip of the iceberg. The natives are getting restless. Be careful.
johnswan193: Hello and welcome everybody to this mornings Q&A. You will have seen earlier today that we have sold our Italian assets as we continue the execution of our South East Asia renewables strategy. We look forward to your questions today! Question from 10owen Both Coro and Empyrean Energy have failed to provide realistic achievable time frames for the delivery of the Duyung POD/GSA and sale/partial sale of the asset. Please could we have realistic, definitive delivery time frames i.e. days/weeks/months for each and not the usual fudged answers such as in the near term, soon and in due course. Mark Hood (Coro Energy) It is important to understand that Conrad Petroleum is the operator of the Duyung PSC. Conrad therefore leads on all commercial and operational matters, sets the timelines and is accountable for delivery. Coro’s role here (like all non operators) is to participate in the various partner meetings which occur every other month on average and then of course to report back to the Coro Board and ultimately shareholders on price sensitive items. 10:03 AM Question from 10owen Coro's recent placing has not been received at all well by the market, as reflected in the falling share price, with delays and a lack of clarity in the Duyung project and high levels of debt, what incentive is there for new investors to be attracted to Coro and for existing shareholders to remain and or add to their investment. Mark Hood (Coro Energy) Our perspective here is that Coro acquired GEPL, a regional renewables company heavily focused on Solar and Wind projects in the Philippines. The logic for this transaction was to accelerate Coro’s transition to clean energy and also to provide balance to the portfolio and specifically accrete value to shareholders through the Solar and Wind projects as they mature. To enable this there was indeed a placing alongside (without which there would not have been sufficient funds to move forward the various projects). It is absolutely right that the share price has fallen since the placing and it isnt Coro’s role here to provide market commentary. Our focus remains on supporting the operator of Duyung as best we can, alongside maturing our Philippines projects to shovel ready and ultimately into cash flows. We have been reasonably public about our desire to restructure our debt as it approaches maturity next year and it is planned these conversation will begin after the summer this year, obviously depending on progress on Duyung and the level of lender support we receive for a restructuring. 10:08 AM Question from ChrisT During an interview in March 2021 Pete Christie mentioned that the upgraded POD was due to be issued " soon " and that the GSA was scheduled for agreement by mid year. Can you advise on the latest planned timescales? Peter Christie (Coro Energy) Thanks for the question Chris. As Mark has mentioned in an earlier response, we aren't the operator of the Duyung project, but of course seek to provide information on progress based on our discussions with the operator. When we have a firmer indication of the timescales we will update shareholders through our RNS channel 10:12 AM Question from 10owen When will the divestment of Coro's Italian assets be completed and when will their debt be restructed? Mark Hood (Coro Energy) This morning Coro was pleased to announce the divesment of 100% of our Italian assets to Dubai Energy Partners. With this divesment completed we can now focus 100% of our time on our core strategy of leading the energy transition to clean energy in South East Asia where the markets tell us there is significant demand 10:13 AM Question from paulgmccabe Can you please give an approximate timeline of when we may see value adding news that would be expected to result in an increasing share price. It feels like not a lot is happening. JamesParsons (Non-Executive Chairman) Good morning Paul. Thanks for this question. So our focus right now is on: 1. Exiting Italy (announced this morning) 2. Maturing the GPEL projects recently acquired, primarily focused on the Philippines Solar and Wind projects. 3. Supporting the operator at Duyung to deliver the commercial milestone for the PSC (GSA, updated POD and potentially looking at farm in options) 4. Delivering value with our investment in IoN We provided a pretty comprehensive operational update on item 2 in April which really sets out our plan. I'll let Mike run you through this plan himself but so far we are progressing strongly. I do think its fair to say, like every AIM company, we of course try to maintain a stream of newsflow, for many reasons including helping momentum for the stock. This hasn't always been easy given Duyung is such a large asset (which means commercial milestones are more complex) and of course not entirely within our control but this will become easier as our clean energy projects mature. We do see clean energy as the future for the regional and are delighted to be at the front of that. 10:13 AM Question from paulgmccabe Can you give us a brief as to what developments have occurred in general since the last Q&A session in March. What exactly have the team been working on most? Michael Carington (Coro Energy) since the last Q&A session the team have been working on key projects inline with the transition strategy. the sale of the Italian portfolio has now happened and our focus is now upon the SE Asia region, preparation work for our activities in the Philippines is progressing well 10:17 AM Question from ChrisT In the presentation used for the " Shares " webinar Coro mentioned the possibility of partial realisation of value for Duyung in the short term. Can you advise on any progress towards farm out either alone or together with the JVP? Peter Christie (Coro Energy) We are continually reviewing our options with regard to the Duyung asset to ensure best returns for our investors. Unfortunately we are not able to discuss what progress has been made in these discussions and we would seek to make announcements when we are able to do so. 10:17 AM Question from Bigdave why not call it a day with Conrad negotiations and sell your % Duyung privately.. JamesParsons (Non-Executive Chairman) Duyung, in our view, is a "big boy" asset with strong technical fundamentals, the right postcode (next to strong demand from Singapore) and is approaching some key value inflection points (such as securing a GSA and updated POD). Generally (again our view) prospective buyers and farm in partners for an asset like this prefer larger positions and to be operator. Hence we see logic in staying closely aligned to Conrad and is supporting them as best we can as they look to commercially de-risk the project. 10:20 AM Question from paulgmccabe What is the latest on the Philippines? In March we were advised that there would be more news on planning milestones in the next 3-6 month. Is that still on track? Likeswise for the updated Plan of Development and signature of Gas Sales Agreement for Duyung. Any more news re planned restructuring of the Eurobond obligations? Michael Carington (Coro Energy) the Philippines Department of Energy have extended their full support to the flagship projects and will assist the team through the pre-construction phase, which will help with the milestone schedule ensuring we stay on track 10:23 AM Question from londoninvestor Are you looking at clean energy projects in any other regions in SE Asia? JamesParsons (Non-Executive Chairman) We are reasonably active business development wise across the region and have aspirations to broaden our portfolio yes. Our focus is as you say on clean energy projects and we see opportunity here for Coro to lead the transition regionally. 10:31 AM Mark Hood (Coro Energy) Pre the acquisition by Coro, GEPL spent a large amount time review and carefully selecting regions in South East Asia where renewable energy profiles were not only conducive to investment, but where the country was actively supporting renewables as base load supply. As Coro we are now working through the portfolio, further derisking the opportunities to maximise investor returns on those projects. 10:34 AM Question from coroadmin Question via email - Coro be interested in other Oil projects if they became available? Mark Hood (Coro Energy) As we've stated our strategy is the transition to low carbon energy production. The transition from black to blue to green has now been seen across the larger players with Shells report yesterday that it has "a duty of care to reduced emissions". This is clearly a signal that clean energy is the right direction for us to travel. 10:42 AM Question from londoninvestor What is the current work programme looking like in the Philippines? Michael Carington (Coro Energy) the work programme is well defined by the renewable energy act and our start point has been to create the company in country we have prepared our energy service contract application, at the same time EPC engagement is advanced and detailed engineering on the solar project is now being evolved. the wind resource data campaign is now ready to commence. the next stages will be to commence the environmental impact reports and formalise the grid connections, stages which start to add significant value to each project 10:43 AM Question from londoninvestor And what do the return profiles look like? Peter Christie (Coro Energy) The projects we see generally have IRRs in the range of 15% to 25%, depending on the stage of development 10:44 AM Michael Carington (Coro Energy) in contrast to European projects that are typically single digit IRR's SE Asia offers much better returns hence our focus on the region 10:53 AM Question from 10owen Without commercialising Duyung in the very near future it is difficult to see how you intend to fund further development of Duyung and of your renewable projects. I believe most investors had, like myself, seen either a sale of your total or partial stake in Duyung paying off your high levels of debt and providing extra funds for development of the renewable projects and perhaps a smaller stake in Duyung. Could you please therefore advise how you intend to fund these projects without realising funds from a Duyung sale/partial sale without significantly diluting shareholder value again. Mark Hood (Coro Energy) The raise was completed to allow us the development capital to complete the permitting phases of the renewables projects in the Philippines. Once fully permitted we have multiple paths to commercialise, including project financing from infra funds and project level debt from banks, both local and international. Conversations have been active with both project equity and debt providers with highly competitive terms being discussed. As we have already noted in an earlier response we will be looking to restructure our existing debt as it progresses closer to maturity if required. 11:01 AM MarkHood (CEO) Thank you for joining our Q&A today and for all your questions. It is an exciting time for Coro and we look forward to releasing news via the usual channels as we advance our SE Asian strategy. We hope to meet many of you in person as soon as we are able to.
currypasty: The Company plans to hold an online investor event on Thursday 27 May 2021, ahead of the AGM to enable shareholders to ask any questions they may have prior to submitting their proxy vote. Details of the event will be provided nearer the time
mach100: Thanks Curryp. It looks like all's good in the Hood. I don't honestly think us investors can ask for much more than that.
johnswan193: How do you as directors think this Q&A session is going? What would the timeline be for any revenue stream from the renewables venture? Happy to engage with our shareholders at every opportunity and look forward to doing so more regularly, assuming the we receive approval in the GM. In terms of the revenue streams, we'll be updating all our investors as we progress the projects through the various stages of the project lifecycles.
johnswan193: Mark, what can you say to assure investors as your only previous leadership role was with a loss making company ? Having held leadership positions in BP and Cairn, the Board and I are confident in my ability to develop the organisation moving forward in the next stage of its energy transition. GEPL has been spending time devoted to developing a portfolio of projects which now require capital to progress further bringing in those returns.
mrzippo: The Placing is done. The 3 large shareholders are all happy to take dilution, effectively reducing their stakes. The new investors, will be underwater but a strong chance that they may have already pre-sold into the market when the price was higher than the subsequent placing price, so already booked a profit.The Open Offer will not likely be able taken up, but maybe some rabid idiots here that will fall for it.
digger2779: See today's RNS is trying to deflect investors away from the right royal rogering we got over the past 2 days.
pugugly: " at 0.4 pence per share (the "Placing Price") to new and existing investors (the "Placing"). " Looks like a great stuffing = (imo) for anyone who bought in the last 6 weeks -
brookemia: Final day in the trial of Sound ex-CEO Jaes🤥Pinocchio Parsons, ex-Chairman Marco-tHe Mobster-Fuming Alli, and Ms Sarah-the Fixer💃Dees. Mr P.Canna. prosecuting QC, has asked 🤥Pinocchio, if he has no regrets over misleading Investors, by issuing RNS’s that we’re materially false in terms of volumes of gas reserves. He further suggested this was at complete odds with Sound’s own Geoligist’s expert testimony.🤥Pinocchio looked stunned and after composing himself, he argued that despite their “knowledgeR21; he knew different at the time and was disappointed that these people did not toe the Company line. He stated that if they had gone along with his “interpretations” of reserves, they would be as comfortably well off as him and Marco-the Mobster, instead of looking for employment🤥 Mr P.Canna, advised that 🤥Pinocchio, had also lied to Investors at seminars over the structure reserves, and 🤥Pinocchio replied that it would have been suicidal to tell the truth🤥 and his and others lifestyles would have been at risk. Mr P.Canna was visibly moved by this complete disregard for punters, and accused 🤥Pinocchio of absolute contempt for shareholders, and that 🤥Pinocchio had gone on to do the same to other Investors in Coro, Echo, Nuog etc, 🤥Pinocchio replied, that it was a winning formula, rinse and repeat, I’m a deal maker, it’s in my DNA🤣 Mr Canna agreed, but said the deals were only for 🤥Pinocchio and his trusted coterie of friends. Pinocchio, scornfully replied that he never, ever said the deals were for the benefit of shareholders🤷;‍♂ʊ39; Mr Canna, in summation said that he hoped the jury would consider the effect that the lies and corruption-perpetrated by 🤥Pinocchio, the Mobster, and the fixer💃-had affected the shareholders, bringing misery, family breakdowns, and destroyed the trust that Investors had in British Companies. 🤥Pinocchio, rolled Back the sleeve cuff of his £5000 Saville Row suit, checking the time on his £20k Panerai watch, expressing his boredom at this charade😴 Justice👨R05;⚖️Richard, called the Court to order🗣and addressing the jury, advised them that they must decide if the overwhelming amount of evidence levelled against the trio was factually true. They had listened to ex-colleagues, employees and experts. They had seen former colleagues turn Queens evidence, and if they believed the evidence before them, then they must convict these fraudsters, and that he would accept a majority decision and he asked the jury to retire.... The jury has returned to a hushed a courtroom, after only seven minutes deliberation, was this a record in British legal history, whatever the decision was, it must have been overwhelmingly unanimous. Marco-the Mobster, flashing his 5000w teeth to the jury in an -all too late-attempt to sway them, 🤥Pinocchio, brushing an imaginary bit of fluff-no not Ms Dees, -off his sleeve, and The Fixer💃 for once in her life, looking concerned. Justice Richard👨R05;⚖️ Looking visibly tired after this marathon trial, asked the jury if they had agreed a verdict, The foreman said “we have your honour” nervous faces looked for a sign of the verdict. How do you find defendant James🤥Pinocchio Parsons, the foreman replied guilty on all counts your Honour How do you find defendant Marco the Mobster, the foreman replied guilty on all counts your Honour How do you find defendant Ms Sarah-The fixer💃Dees, the foreman replied guilty on all counts your Honour. The Courtroom erupted, Marco the Mobster apoplectic with rage, issuing threats against the jury, 👨‍b78;️Judge Richard and Mr Canna QC. Ms Dees, was uncontrollably sobbing-unable to fix this💃 🤥Pinocchio Parsons was frozen to the spot, mouth wide open, like a corpse the normally suave showman unable to digest this apocalyptic moment 👨‍b78;️Judge Richard banged his gavel repeatedly, but at it having no effect, he uncharacteristically rose from the bench shouting order, order, order‼️ After a few minutes, with the help of bailiffs👮205;♂️order was eventually restored 👨‍b78;️Justice Richard addressing the jury, thanked them for their time nd excused them from further jury service for life. Turning to the defendants, Justice👨R05;⚖️Richard said that he had never in his life experienced fraud on such a scale, sheer wanton greed💷and deception🤥on a scale designed to exploit some of the most vulnerable, with no thought for the consequences or after effects that their corruption might have on their victims. There were no extenuating circumstances, for any of the defendants , save for the fact that they were seduced by the very plausible dreams of untold riches peddled by 🤥Pinocchio Parsons. To 🤥Parsons, 👨‍b78;️Justice Richard, said he had no thoughts or concerns about a investors families, nor indeed his very own family, who would now be subjected to relative penury, as he would be seeking a Confiscation of Assets order against the three defendants, he further sentenced 🤥Pinocchio to the maximum prison term allowed within the sentencing provisions of 18 years. 🤥Pinocchio was crestfallen, shattered, his phoney empire broken into a hundred pieces, rapidly evaluating/anticipating any further actions- inside prison-by relatives of defrauded Investors. Justice👨R05;⚖️Richards, sentenced The Fixer💃 and Marco the Mobster to thirteen years-again the maximum provided for under existing law.He chastised them both, and said that prison would give them time to reflect on their heinous crimes😔300; Justice👨R05;⚖️Richard-seemingly very refreshed and flourished, and with an almost imperceptible smile☺️bellowed to the bailiffs👮205;♂️👮‍ϓ4;️ “ Take them down”
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