Coro Energy Share Discussion Threads

[mrzippo] 16/6/2021 13:27

You've seen the BoD right?

[johnswan193] 16/6/2021 12:37

Curry, what previous guesses as to Coro's share of the Duyung value have you seen?

[currypasty] 16/6/2021 11:09

I sold half mine, still hold the other half just in case.. my humble opinion here is that it all boils down to how much they get for duyung compared to the debt they have. Coro talk of re negotiating the debt later this year. That doesn't sound good to me, id prefer them to have said they hope to pay it all back..

All depends on when duyung is monetised, and if previous guesses as to the value (mainly on eme) was a bit optimistic

Im holding, and not thinking of buying or selling.. just my thoughts

[digger2779] 16/6/2021 11:05

blue - well Duyung news can't be that far away now. It's been awaited since before xmas. Should give this and EME a lift. Well I hope so as got enough of both.

[blueblood] 16/6/2021 10:59

Against my better judgement thinking of buying back in at 0.3p. Can someone please remind me why I shouldn't lol!

[digger2779] 15/6/2021 16:22

curry - what do you expect. The only thing they know how to count is what's in their pay packets ha.

[currypasty] 15/6/2021 13:54

looks like they didn't even count my 'no' votes

[digger2779] 15/6/2021 12:47

I see from AGM results there was opposition to enable them to issue more confetti and Parsons was the least popular by a short margin. The withheld comment was a bit odd as I only had options to vote for or against.
News on Duyung should be soon but not imminent if their previous rhetoric is to be believed. We wait.

[digger2779] 11/6/2021 12:02

hxxps://total-market-solutions.com/2021/06/coro-energy-plc/

Still doesn't tell us much apart from we are in the brown stuff. mentions we spiked to 0.007 recently but forgot to mention it fell back because of confetti at a discounted price to the boys.

[helpfull] 10/6/2021 09:24

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.

[10owen] 10/6/2021 08:42

Cheers Curry.Nothing new then the wait goes on re Duyung.

[currypasty] 10/6/2021 08:40

Coro says the placing will tide it through to Q2 2022, allowing the company to capitalise project specific special purpose vehicles for the two initial GEPL projects, and meet ongoing Duyung PSC expenses through to a potential Final Investment Decision in mid-2022.

[10owen] 10/6/2021 08:34

Cant get into the site at the moment Burtond1 can you advise what it says please.

[burtond1] 10/6/2021 06:54

Does @CoroEnergy have an Ace up its sleeve in possibly their final hand?#CORO needs a run of good news to reignite its share price, which has subsided some 95% from levels of 8p back in 2017 to just over 0.3p. Can it's share price rise from the ashes?https://total-market-solutions.com/2021/06/coro-energy-plc/

[currypasty] 09/6/2021 16:03

Im glad I dumped a few end of May, should have dumped the lot!

As for director buys, Parsons and Dennan £10k each, Hood £5k big deal.. If they were close to a deal on Duyung and it was at decent money, chances are they would have put a lot more in..
imho

[digger2779] 09/6/2021 15:37

Well below the placing price now. However we have the AGM nonsense to look forward to and then a couple of weeks after that, maybe some news about Duyung will magically appear and the recent BOD buys will be in the money. Nah that can't happen can it?

[helpfull] 28/5/2021 16:51

This was the previous sale:

"The initial £0.4 million consideration for the Disposal, payable by Zenith to the Group on Completion, will be settled through the issue of 6.7 million new Zenith Shares at an effective issue price of 6.0 pence per Zenith Share. Subject to the Italian Portfolio being disposed of achieving average daily production of 100,000 scm over a period of four successive months, a deferred consideration payment of £3.5 million will be made by Zenith to the Group through the issue of new Zenith Shares at an effective issue price equal to a 40% premium to the then prevailing Zenith share price at the time of issue".

This is the current sale:

"DEPI will acquire the Company's entire interest in the Italian Portfolio, through the acquisition by DEPI of the entire issued share capital of the Company's wholly owned subsidiary Coro Europe Limited ("Coro Europe") for a cash consideration of €300,000, with a deposit of €30,000 payable on entry of the SPA (non-refundable except in limited circumstances)".

Will it get the go-ahead?

[currypasty] 28/5/2021 13:06

agree digger, ive sold a few yesterday and today as token protest!

[digger2779] 27/5/2021 15:42

I would like to thank the BOD for telling us absolutely sweet FA. Directors token buys today would indicate that FA is going to happen within the next 30 days.

[johnswan193] 27/5/2021 11:48

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] 27/5/2021 10:38

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.

[blueblood] 27/5/2021 10:28

Anything on Duyung?

[10owen] 27/5/2021 07:16

Well that's one of my questions for today answered.Hope I get answers to the other two especially the state of play on Duyung.

[helpfull] 26/5/2021 18:54

Do people still load up in these shares on the eve of a Q&A session? Isn't that the saddest thing? Great progress of nothing since the huge cash raise. The BOD are sitting pretty with salaries secured. Bond holders can be paid their yearly interest.

What about shareholders? Were you encouraged to buy by all the hype prior to the cash raise? "It was rude not to". "Fill your boots time". "More shares for me". And the reward? A 20% fall in an already stagnant share price. No Duyung update. No sale of the albatross Italian assets and nice remunerations for doing absolute zilch last year. Be careful.