Coro Energy Share Discussion Threads

[buzzzzzzzz] 06/1/2022 07:54

I believe some posters on EME claim that Duyung is worth 6p on the share price of EME

That works out at a value of 37m

Coro has 15% whereas EME 7% so using same valuation it's worth 70m.

which works out at over 3p/share.

No wonder the Note says 1.62 highly conservative.


Please feel free to correct my figures.

[begorrah88] 06/1/2022 07:06

Coro Energy
Highly compelling regional energy play focused on renewables and gas benefitting from the rapidly growing SE Asian economies
Coro Energy is the old Saffron Energy, which joined AIM in February 2017 with onshore gas producing interests in Italy. Within 12 months a new management team had taken over, led by James Parsons as Chairman, bringing a brand-new strategy for expansion and transformational growth focused on South East Asia. Early 2019 saw Coro acquire a 15% interest in the Duyung PSC in a deal which involved helping to fund highly successful appraisal drilling which saw 2C resources grow by 79% to 495BCF (gross). In 2021, Coro acquired GEPL and 20% of ion Ventures, the vehicles being used to further the company’s renewables strategy in South East Asia.

Booming electricity demand in South East Asia fueled by GDP growth
Growth in electricity demand in SE Asia is amongst the fastest in the world due to the rapidly rising population, rising incomes, industrialisation and urbanisation. Coro see enviable opportunities to supply this market with gas and renewable energy as coal generation still dominates.

Positioned to supply gas to Singapore where premium prices are paid
Duyung PSC’s Mako Gas Field is one of the largest gas fields ever discovered in the West Natuna Basin, offshore Indonesia. It is a shallow single tank deposit that is technically low risk. Gas production could start as early as 2024.

Now rapidly rolling out 150MW of rooftop solar projects in Vietnam
Coro has agreed a joint venture in Vietnam with local engineering firm VPE and is rolling out 150MW of projects with the initial 5MW expected to be up and running in Q1 2022. Alongside the Vietnamese portfolio, GEPL came with 2GW of renewable energy projects in the Philippines in onshore wind & solar.

Upside of 500% plus largely based on Duyung PSC & Vietnam solar rollout
Our highly conservative valuation shows the potential. We update coverage of Coro Energy with a target price of 1.62p and Conviction buy stance.

RISK WARNING & DISCLAIMER
Coro Energy is a research client of Align Research. Align Research own shares in Coro Energy. Full details of our Company & Personal Account Dealing Policy can be found on our website hxxp://www.alignresearch.co.uk/legal/

For full disclaimer information please refer to the last page of the full document. This investment may not be suitable for your personal circumstances. If you are in any doubt as to its suitability you should seek professional advice. This note does not constitute advice and your capital is at risk. This is a marketing communication and cannot be considered independent research.

[nithbank] 06/1/2022 07:05

Target price of 1.62p in the RN

[realcooltrader] 06/1/2022 07:04

RNSNON - New Research Note out.

[the donald] 05/1/2022 17:46

04-Jan-22 15:59:12 0.35 10,000,000 Unknown* 0.31 0.35 35.00k

[the donald] 05/1/2022 12:26

Expecting another delayed buy which moved the share price back up.

[the donald] 04/1/2022 19:22

31-Dec-21 08:44:43 0.34 15,000,000 Unknown* 0.31 0.34 51.00k O

First thing New Years Eve. Nice to see that some serious money see's this as serious Curry! :-)

[currypasty] 04/1/2022 17:45

15 million buy first thing... probably just a two bit mug punter.. yeh right!

[the donald] 04/1/2022 15:10

Again, courtesy of Safiande posted on the EME thread.

The EME Dec 2021 interims, extract below, mentions that they hope that GSA negotiations will be concluded with several interested parties in early 2022, which mirrors the rumour from Jem´s friend of at least more than one partner, other than Sembcorp in Singapore.
This of course is potentially very good news,in that as mentioned many times the current 22 year deal with Sembcorp is worth several US$ billions. The extract also mentions an independent assessment in 2021 which confirmed a significant resource upgrade at Mako. This is likely to be an error as the last upgrade was in May 2020. The initial assessment pre appraisal drilling was in Jan 2019. If it is not an error it might refer to the upgrade from GCA 2C mid case of 495Bcf to 2C of 540.37Bcf ( 90.06 Mmboe ) in the " Global Data " report in Nov 2021.

"At Duyung, gas sale agreement ("GSA") negotiations continue with several interested parties and we hope that these will be successfully concluded in early 2022. Earlier in 2021 an independent assessment confirmed a significant resource upgrade and in the process confirmed the Mako field as one of the largest gas fields ever discovered in the West Natuna Basin and one of the largest undeveloped gas resources in the immediate region." ( EME 23 Dec 2021).

The Align research conviction buy 2022 report issued on 28 Dec 2021, confirms that at least one HOA has been agreed but which includes a strange statement that export volumes won´t be known until the revised POD & the DMO " Domestic Market Obligations " are agreed. Align previously stated that the DMO is 25% of total production so it is known. Also EME has already confirmed that the revised POD was approved in Sep 2021. Mark Hood has also confirmed that another POD would only be needed if it can be verified that the Mako field extends to Medco´s patch.

"Hopefully there will soon be news on the Gas Sales Agreement (GSA) which has been the subject of many rumours, already there is in place a Heads of Agreement with ( sic )gas buyer in Singapore. This does need a better understanding of the volumes so the revised Plan of Development (PoD) needs to come first, as there may be some domestic production obligation and then the partners will have a proper understanding of the gas volumes that can be exported." ( Align 28 Dec 2021).

[the donald] 04/1/2022 11:04

Good news, long term resistance broken. If it holds, should see some decent recovery even prior to Duyung news.

[currypasty] 04/1/2022 09:33

any sign of that update ?

[stewart4990] 31/12/2021 12:26

Yes I understand but it seems pointless for example eme no issue of shares in issue.You can find out easily from website, I would have thought only issue if holders increase or decrease

[helpfull] 31/12/2021 11:50

Clutching at straws to get the mug punter to invest?

I think the purpose of the TVR RNS today is to show that the number of shares in Coro Energy is now 2,124,035,967 up from 806,907,541 on 31 Dec 2020. Coincidently, a TVR RNS was issued on that date too. Who would have thunk it?

Be careful.

[begorrah88] 31/12/2021 11:24

It is a regulatory admin requirement at year end. Lots of company's doing it today, others will do so over coming days etc

[stewart4990] 31/12/2021 11:05

What was the purpose of that RNS, strange ?

[the donald] 30/12/2021 14:06

This has just been posted on the EME site by Safiande.

Report today listing Mako as one of the major projects in SE Asia to be approved in 2022, so Mako is no longer regarded as one of the biggest projects in the Natuna sea only it seems.

Additioally " Global Data " recently reported the following revised metrics for Mako namely:-
- 2C mid case of 540.37Bcf ( 90.06 Mmboe )compared to 495Bcf from GCA in May 2020.
- Plateau production of approximately 157 Mmcfd of natural gas.
- Economic life of the field until 2051.


From today´s report:-

"Southeast Asia will lead other regions in having the largest share of new deepwater gas and condensate developments taking a final investment decision (FID) between 2022 and 2025, research from Rystad Energy shows. Significantly, around $25 billion is expected to be spent on greenfield deepwater developments in the region from 2021-2025, up from $2 billion over the prior five-year term.
In terms of offshore shelf resources expected to be sanctioned from 2022-25, Southeast Asia is second to the Middle East with over 3.5 billion boe of resources set for FID. Malaysia will be responsible for nearly 50% of this share followed by Indonesia and Vietnam."

"Other major projects include the SapuraOMV’s B14 project in Malaysia, Petronas’ K5 and Kasawari Phase 2 projects in Malaysia, Conrad Petroleum’s Mako project in Indonesia and BP’s Vorwata in Indonesia."

[the donald] 30/12/2021 13:59

I agree, 1p plus likely valuation soon once news that was due by year end lands. I think everyone expects year end won't be achieved but considering the Q&A has been moved from December to next month, it appears that the company is expecting something on Duyung in terms of gas sale agreements. Add to that the recent statements from EME in their RNS and it shouldn't be long. This is just so under the radar considering the value of Duyung seems to increase and there is also the possibility of oil further down.

[buzzzzzzzz] 30/12/2021 13:21

Big Profit

I would have liked .29p but I thought if these are going to 1p+ why quiblle about paying up slightly.

[allinforabigprofit] 30/12/2021 12:24

So was you that spoiled my intention buy @ 0.29?

[buzzzzzzzz] 30/12/2021 08:06

Thanks Digger

I do seem to have at least three!

[digger2779] 29/12/2021 21:11

Buzz...you must have a few blue angry followers. I seem to attract them as well and am delighted they have to pay for the privilege of giving a little red tick...bless. I've voted you up so as to even things out a bit.

[buzzzzzzzz] 29/12/2021 19:36

I see two people disagree with my post re EME

Instead of just down voting how about a reasoned reply as to why?