Coro Energy Share Discussion Threads

[currypasty] 10/2/2022 12:27

COP out? not got the nod to say anything about the contracts... soon though ?

[currypasty] 10/2/2022 12:26

Coro Energy
@CoroEnergy
·
1h
We regret to inform investors that we are unable to present at the Shares Event tonight due to a Covid case within the team but we are rescheduling and hope to see you all soon! #renewables #renewableenergy

[helpfull] 10/2/2022 09:35

Tickety Tock! Seven hours left on the clock!

Thought the share price would rise before the presentation? Thought there would be a RNS in the run up to the presentation? Thought the posters who promised Duyung news, imminently, knew what they were talking about? It doesn't quite work like that.

Be careful.

[lazarus2010] 08/2/2022 17:30

digger, maybe some who were heavily underwater at c. 0.025 are taking advantage of the rise to de-risk ahead of the refinancing. If the GSA was hinted at being before Christmas by Mark Hood then surely it can't be far off and the value of Duyung will reassure the creditors that they will be able to pay off the loan, so that shouldn't be an issue but of course there's always a doubt, especially if you're over exposed in Coro.

I'm sure there's also a lot of traders who are simply taking profit from below .03 but at least those sells are being absorbed by newer holders with hopefully a longer time horizon than a T20!

[digger2779] 08/2/2022 16:06

stewart - there was a confetti blizzard of over a billion shares in Feb last year. Those were at .004 so still underwater which does beg the question as to where the recently bought shares are coming from.

[stewart4990] 08/2/2022 15:17

I am not a big holder here circa 2M, a couple of questions :-

Where are they getting all the shares from, there have been a lot buys and you would have thought these buys would have pushed the price up significantly.

Duyung looks huge why has Conrad not issued anything, they must know it would greatly enhance Coro and eme share price and their funding greatly allowed the drilling, surely they can put significant pressure on Conrad to get a GSA out NOW then leading to a FID.

I see Parsons is Chairman, just had a look at the charge it is for 22.5M euros taken out April 2019 at 5%, looks like redeemable April 2022

DYOR

[go_baby_go] 08/2/2022 15:06

Just over. Got the numbers wrong.

[buzzzzzzzz] 08/2/2022 15:04

cmon go baby how many have ya got?

10m thats a nice round number?

[go_baby_go] 08/2/2022 13:39

Just added 3.5m to bring me upto a nice round number.

[buzzzzzzzz] 08/2/2022 12:52

cmackay

CORO holds 15% of Duyung and EME 8%

Jade drill has >40% COS

If you not a gambling man then CORO is the better bet.

If you are a gambling man then EME has a lot of blue sky.

I have slightly more invested in CORO than EME and may take a little EME off the table before drill TD as I have some warrants from the placing for a free ride from 12p.


I believe some posters here have given a value for Duyung to EME of 8p per share which is approx £50m

So the value of Duyung to CORO is roughly £100m which is 5p a share very roughly and I believe there is some debt to be paid off.

So both look a pretty good bet to me but CORO is not subject to drill results that is the difference.

[lazarus2010] 08/2/2022 11:31

man1, nice one but you need to add a zero to the right. 0.36p>>>1.5p>>>3.0p low risk high reward imho.

[man1] 08/2/2022 11:24

Count me in for 2 mil like a good gamble , not showing yet ...

[lazarus2010] 08/2/2022 08:59

a reminder from the Align Research '10 Convictions' note.




Coro is a highly compelling regional energy play focused on renewables and gas that is benefitting from the rapidly growing South East Asian economies. It 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).

There is no doubt that the 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 sees enviable opportunities to supply this market with gas and renewable energy as coal generation still dominates.

Technically low risk large gas field

Duyung PSC is positioned to supply gas to Singapore where premium prices are paid. Certainly, 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.

There are many ways Coro could fund its share of the development of the Duyung PSC. Management have plenty of confidence in funding with their proven institutional connections. Operator Conrad Petroleum’s current 76.5% holding might be a larger stake than they would want to finance in the development of the project, which could well result in a farm out deal with another E&P company. In such a farm out Coro might well tag along and perhaps get a development carry if they liked the valuation. Or the company might raise fresh capital at that stage and perhaps restructure its debt. If there was a farm-out andCoro tagged along and if the development was project financed on a 40% equity and 60% debt basis, the sort of investment required by company would most likely be in the region of US$10 – 15 million and not US$20 – 40 million.



Successful appraisal drilling campaign on the Mako Gas Field in 2019. Source: Company

There has not been much news out of Duyung in 2021. However, the operator Conrad Petroleum is reported to be doing a good job on keeping it moving although COVID does stop face to face meetings. Conrad has been moving the project forward with its work updating the development plan. It looks as though 2022 will firmly see Duyung back on investors’ radar. 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 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. With FID now most likely to happen in 2022 after a 2-year development, gas production could begin as early as 2024.

Moving into 2022, it does look all to becoming together quite neatly at Coro. We initiated coverage on the company in December 2020 with a Conviction Buy stance when the shares were trading at 0.275p with a target price of 1.50p. At the current price of 0.28p, we have full confidence in reconfirming our stance.

[currypasty] 08/2/2022 08:56

strapped in and waiting!

[buzzzzzzzz] 08/2/2022 08:47

Dammit!

Could not control myself.

1m at .00359 that is it, no more.

[helpfull] 08/2/2022 08:37

Tickety Tock! A lesson learned?

Have investors learned the lesson that it is better to sell before any presentation? People buying in on hope of news and being disappointed. Never fails.

Be careful.

[blueblood] 08/2/2022 08:18

MMs keeping the buys well hidden. If we get just a bit on renewed buying can easily see us into 40s before Thursday's presentation!

[helpfull] 07/2/2022 10:18

Remember,remember, the 12th April 2022,

You do the math. Cash at end of June 2021 of $4,700,000. Admin. costs of $200,000 per month for 9 months to end March 2022 of $1,800,000(at least). Accrued interest on the debt of $2,700,000 due 12 April 2022. Is that $200,000 max remaining?

Be careful.

[buzzzzzzzz] 07/2/2022 08:02

BB

We can hope for news on the GSA but more likely to be clues.

Not sure what Conrad are up to but they don't seem to be in a hurry that is for sure!

[blueblood] 07/2/2022 07:59

Wonder what the presentation will reveal on Thursday?

[toolsmoker] 04/2/2022 14:33

You would think the seller would realise there is a large background buyer and hold off .he's obvs desperate

[lazarus2010] 04/2/2022 13:50

Stew...I put a limit buy order in for the 1.464mln at 3.6p and the MMs kindly dropped the price to fill it then banged it back up again immediately after ;-) Strange no. of shares but it gave me a nice round number now. I think I'm full but we shall see how my other shares do and I could take some profits and buy some more here.

[blueblood] 04/2/2022 12:54

Be nice to see 40 prints this pm

[go_baby_go] 04/2/2022 11:09

Same as yesterday, trying to shake out some weak holders. Blue end of day imo.