Coro Energy Share Discussion Threads

[jemjem] 03/3/2022 13:19

That's that little nagging doubt out of the way.
Imo

[starzerus] 03/3/2022 13:17

t In the event of a sale of the Company's interest in the Duyung PSC to utilise the net cash proceeds of such disposal(s) to first repay the capital and rolled up interest on the Notes and thereafter to distribute 20% of remaining net proceed(s) to Noteholders. The remaining net proceeds of any sales would be retained and / or distributed to shareholders by the Company.

[starzerus] 03/3/2022 13:15

Proposed Bond Restructuring



Coro Energy, the South East Asian energy company focused on supporting the regional transition to a low carbon economy, is pleased to announce that following signature of non binding Heads of Terms with Lombard Odier Asset Management (Europe) Limited and positive and constructive discussions with certain other holders of the Company's Luxembourg listed EUR 22.5m 5.0% secured notes (the "Notes"), the Company has published its proposals (the "Proposals") in respect of a restructuring of the Notes and that a meeting of the holders of the Notes (the "Noteholders") has been convened to consider the Proposals for 10.00 a.m. (London Time) in respect of the Tranche A Notes and 10.15 a.m. or after the completion of the Tranche A Notes meeting (whichever is later) in respect of the Tranche B Notes on 25 March 2022 (the "Noteholder Meetings").



Pursuant to the Proposals, the Company is seeking Noteholder consent to:



· Extend the maturity of the Notes by two years to 12 April 2024 (the "Maturity Date");



· Remove all further cash interest payments on the Notes prior to the Maturity Date whilst i ncreasing the coupon on the Notes to 10%; and



· In the event of a sale of the Company's interest in the Duyung PSC to utilise the net cash proceeds of such disposal(s) to first repay the capital and rolled up interest on the Notes and thereafter to distribute 20% of remaining net proceed(s) to Noteholders. The remaining net proceeds of any sales would be retained and / or distributed to shareholders by the Company.



If approved by the requisite majority of Noteholders at the Noteholder Meetings any and all interest on the Notes accruing from 12 April 2021, at the revised coupon of 10% per annum, shall be paid in cash on the Maturity Date save that Noteholders will be provided with the ability, from 12 July 2022, to elect to receive Note interest payments in respect of the immediately preceding quarter in new ordinary Shares in the Company ("Elections"), subject inter alia to the Company having the required share authorities in place from time to time to satisfy Elections and to Noteholders holding at least 50 per cent. of the Notes having made Elections in respect of the relevant quarter. Any new ordinary shares issued as a result of Elections will be issued at an effective issue price equal to the volume weighted average price of a Coro Energy ordinary share for the 10 Business Days before the relevant interest conversion date.



In putting the Proposals to Noteholders the Company has agreed, subject to Noteholder approval of the Proposals at the Noteholder Meetings, that it will continue to actively pursue and support Conrad Asia Energy LTD, as the operator of the Duyung PSC, to pursue, the sale of the Duyung PSC asset.



A copy of the circular today sent to Noteholders will shortly be available on the Company's website at www.coroenergyplc.com.





For further information please contact:



Coro Energy plc






Via Vigo Communications Ltd

[solarfire73] 01/3/2022 18:39

The re-arranged Edinburgh Investor event is now 12th May, according to the Coro website. On face value, that's a three month lag.

[blueblood] 01/3/2022 12:41

Where's the green energy updates? That's not Conrad related.....

[linz22] 01/3/2022 11:09

So they said.., but 'due to Covid', or Conrad?

[currypasty] 01/3/2022 10:49

10th February they called off the investor meeting due to covid...


19 days later, i wonder if they have recovered yet... most of us seem to take 5 days

[helpfull] 28/2/2022 09:02

On dear! Oh dear! Oh dear!

Is this the second time Coro Energy couldn't "sell" its Italian assets? In reality it can't give them away. Will the company need to take the asset back onto the books? Perhaps they need to get an oil & gas man to run the company(again)?

The saddest part of the RNS is the mention of the oil price. I wonder why the shut- in wells and the depleted production of the last few years aren't mentioned? Perhaps the Italian assets will need to be put back on the balance sheet? What will that do for the company's finances?

What about negotiations around the debt and interest payments?

Remember! Remember! The 12th April 2022

D-Day -44

Be careful.

[lazarus2010] 28/2/2022 09:00

33,000scm/d...

Trying to find what this is worth and I can across an article from Dec which says gas prices hit Euro181.47/Therm = "2120/1000m3

so at today's price per therm of Euro 115 this gives $1343/1000m3

sp 33 x $1343 = c. $44k/day less transport, taxes, operating costs etc assuming that it is sold on the open market (as they say the value of gas assets now higher?)

So might actually be worth keeping hold of them for now, if the deal becomes void.

[currypasty] 28/2/2022 08:39

From RNS

"These regulatory approvals have not been received and, in accordance with the SPA, Coro has served a notice of non-fulfilment on DEPI and in doing so has commenced, as prescribed by the SPA, a 5 business day good faith consultation period between the Company and DEPI in order to determine whether completion of the disposal can be achieved.

The Company remains conscious of recent positive developments in global gas prices since May 2021 and the resulting significant increase in the implied net asset value of its Italian portfolio."


from CORO website

SILLARO
The Sillaro gas field is within the Sillaro Licence and is located in the Emilia Romagna region, 30km east of Bologna, in northern Italy. With production beginning in May 2010 from two wells (one dual completion, one single completion) the current daily production of gas from the Sillaro Field is around 9,000 scm / day (¬318 Mcf / day). A production increase is envisaged through a workover on one of the existing wells, which will be sidetracked.


RAPAGNANO
The Rapagnano gas field is located onshore Italy in the Fermo Province, in the Marche region, and is currently producing around 8,000 scm / day (¬YY Mcf / day).

BEZZECCA
The Bezzecca gas field is located 35km east of Milan within the Cascina Castello Licence. The Bezzecca Field was awarded production concession status in July 2014 through the enlargement of the existing Cascina Castello Licence.This field started production in July 2017 and it is currently producing at around 16,000 scm / day (¬550 Mcf / day).

[lazarus2010] 28/2/2022 08:34

Curry, does it actually produce any gas? Good or bad news the sale has not gone through...yet?

[lazarus2010] 25/2/2022 15:05

ratio buys to sells c. 14:1 - almost all trades in the buyers column today but MMS not moving the price?!

[helpfull] 25/2/2022 11:53

Remember! Remember! The 12th April 2022!

D-Day -46

"bonds are scheduled to mature on 12 April 2022 when the outstanding principal of €22.5m (undiscounted, $26.7m at period end exchange rates) and accrued, unpaid interest of €2.3m ($2.7m) will fall due"

Be careful.

[digger2779] 25/2/2022 11:43

Curry - AAgh don't use that word even in jest! It's soon, soon I say ha.

[currypasty] 25/2/2022 11:34

I think its imminent

[redroobbo] 25/2/2022 11:27

So just maybe Duyung announcement this coming week, now please don't slaughter me if not just a little let's say few snippets coming out but it's coming sooner hope than later

[lazarus2010] 25/2/2022 08:51

blue...so will half of Coro and EME investors!!

[blueblood] 24/2/2022 15:42

Conrad's HNWIs will be all in nursing homes or dead by the time this gets sorted. Surely must be some internal pressure to monetise the asset given extremely favourable commodity pricing!

[digger2779] 24/2/2022 14:12

Anybody would think we haven't got a share in a rather large gas play. Come on Conrad sort it out will ya.

[blueblood] 23/2/2022 12:52

Be very disappointed if we don't get:-Refinancing 1st green energy project updateDuyung GSAsby end of March. Massive month for company incoming....

[lazarus2010] 23/2/2022 08:50

3.44s are buys

[helpfull] 22/2/2022 21:03

A belated happy birthday to the greener Coro Energy. One year on. A placing to raise a minimum of £3,000,000 (actually £4,500,000 gross and £3,800,000 net) at 0.4p. 1,125,000,000 new shares bringing the total to 2,111,622,173 after the open offer.

Did they say that?

"The Board also recognises the need to restructure the Company's debt obligations in due course, with the €22.5 million Eurobond currently scheduled to mature in April 2022. Discussions in this regard will also be a Company priority during 2021"

"existing cash reserves and the net proceeds from the Placing, assuming the completion of a disposal of the Company's Italian Assets during 2021 and adopting a conservative set of assumptions, the Group is expected to be fully funded until Q2 2022"

Be careful.

[buzzzzzzzz] 22/2/2022 17:10

Rodney!!!!

[currypasty] 22/2/2022 13:53

any day now ?? /????