Coro Energy Share Discussion Threads

[digger2779] 14/5/2023 19:58

Maybe they have been sacked?

[steelwatch] 14/5/2023 18:22

Obvious JP (CORO/AST/CRCL) link, but can't see any connection to GCAT.







Maybe Align have sold and no longer wish to promote?

[ride daice] 14/5/2023 17:10

Did I miss this ?

[grannyboy] 11/5/2023 11:29

This is what we need in this mixed up world.. cohesion and clarity..

[barony] 11/5/2023 09:54

Still looks very good when the core business looks to be making an operating profit.

[lazarus2010] 11/5/2023 09:41

Barony, if we sold the lot for £40mln, presumably there will be a tax charge as yet unknown. Then there is the repayment of the CLN which is probably around £22mln. of the £18mln remaining we would need to pay the CLNs a 20% bonus, leaving us with £14.4mln, deduct the tax charge, we might come out with about £12mln. Hopefully the sale price will be closer to £60mln!? That would then give us closer to £28mln net.

aimho and a lot of guesses and assumptions!

[barony] 11/5/2023 08:59

Our mcap is £4.14M. Sale of our interest in Mako, let’s say only gives £40M to us. Do we get, say, half of that as a one off payment and the rest invested, or what? How much per share?

[ride daice] 08/5/2023 13:23

The NPV10 number as of last year was US$87mln.

[barony] 08/5/2023 10:33

Does that mean around $500Million value to Coro, minus debt? Still a goodly lot of cash.

[barony] 08/5/2023 10:32

From Safiande on eme board-

Conrad tweet earlier linking to article in " Offshore Energy "

8h
"Negotiations of key terms of the Mako #gas sales agreement between a Singapore buyer & Indonesian regulator SKK Migas are expected to be finalised during Q2, with the Mako considered an important strategic gas asset for both countries."



"Conrad divesting partial stake in Indonesian field as gas sales agreement enters ‘crucial final stage’

May 3, 2023, by Melisa Cavcic
Natural gas-focused Conrad Asia Energy has set the wheels into motion for a farm-down process of a portion of its interest in the Duyung Production Sharing Contract (PSC), containing a gas field in the West Natuna Sea offshore Indonesia. In addition, the terms of a gas sales agreement for this field are on the cusp of getting hammered out.


Illustration; Source: Conrad Asia Energy
According to Conrad’s partner, Empyrean Energy, the negotiation of the key terms of the Mako gas sales agreement (GSA) between a Singapore buyer and the Indonesian regulator (SKK Migas) is expected to be finalised during the second quarter, with the Mako gas field being “an important strategic gas asset” for both countries.

The company highlights that the continued GSA negotiations have allowed Conrad to take advantage of “an improved and favourable pricing environment,” given strong worldwide gas demand and low supply. West Natuna Exploration Ltd (WNEL) is the operator of the Mako gas field, located in the Duyung PSC, and a wholly owned subsidiary of Conrad, which holds a 76.5 per cent participating interest in the Duyung PSC along with Coro Energy with a 15 per cent participating interest and Empyrean Energy with an 8.5 per cent participating interest.

Empyrean points out that the Mako gas field is the largest undeveloped and fully appraised gas field in the West Natuna Basin and gas is exported from the basin by pipeline to Singapore. The company underscores that a competent person’s report – commissioned as part of Conrad’s IPO late last year – estimated that Mako would generate gas sales of $2.4 billion net to Conrad’s 76.5 per cent interest (approximately equivalent to $266 million net to Empyrean).

Furthermore, Conrad has engaged a global investment bank to lead a farm-down process for the divestment of a portion of its interest in the Duyung PSC and bids are expected to be received during the second quarter. Based on Empyrean’s statement, the industry response has been “encouraging.”

The company intends to participate pro rata in the farm-down process through certain drag along/tag along clauses in the Duyung joint operating agreement. In addition, the firm has notified Conrad and the global investment bank that it will entertain bids for its entire 8.5 per cent interest.

Tom Kelly, Empyrean CEO, commented: “Empyrean is pleased to note that GSA negotiations look to be entering a crucial final stage with tripartite meetings being held with Conrad, the Singaporean buyer and SKKMigas. We welcome the divestment process which we view as the most appropriate way to monetise our interest in Mako and look forward to providing an update as these important negotiations unfold.”

Mako field map; Source: Conrad
Mako field map; Source: Conrad
In a separate statement, Coro Energy also revealed that it might participate pro rata in the farm-down process as various drag and tag along clauses exist in the joint operating agreement. Additionally, the company says that it may entertain a full exit, depending on the terms offered.

The Duyung PSC, which runs until 16 January 2037, was awarded in 2007 under the cost recovery regime, originally covering an area of 4,641 square kilometres, and after fulfilling all the relinquishments and work programme commitments, the PSC now covers a final area of 927 square kilometres. The Mako gas field was discovered by Conrad through the drilling of the Mako South-1 well in 2017 and a plan of development (POD) for the field was approved in 2018.

After subsequent appraisal drilling and testing of two wells in 2019 further delineated the gas field, additional gas resources were identified and Conrad received written approval from the Indonesian Minister of Energy and Mineral Resources of the POD revision for the Mako gas field in November 2022 to accommodate greater gas volumes and attendant production rates.

Gaffney, Cline & Associates’ CPR indicates that the Mako field contains full field 2C resources of 413 Bcf and holds high-quality gas – 98 per cent methane, no mercury, no heavy metals – requires no LNG refrigeration emissions/energy consumption, has no requirement for regasification and a lower carbon footprint. The first gas sales are currently scheduled for 2025.

Conrad has been working on expanding its footprint offshore Indonesia. To this end, the company inked production sharing contracts for two blocks in January 2023."

[man1] 04/5/2023 17:39

I disagree , if you look at how many shares voted at the latest meeting , I'm sure private shareholders would be able to out vote them The only thing stopping this is being organised enough to do it....

[digger2779] 04/5/2023 09:36

Trouble is how do we get rid of JP? Collectively I don't reckon we have enough voting clout to call for an EGM even if the note holders are paid off. The big boys are in control here and it suits them to spin this out for as long as they can.

[blueblood] 04/5/2023 09:31

Need to sell whatever WI is necessary to ditch Lombard. Get new CEO in at same time as Parsnip is there stooge and we will end up with same again further down the line if he stays imo

[lazarus2010] 04/5/2023 09:24

just shows that any news sold into by the loan note holders. Destroying value here...terrible loan deal, ditto EME, pair of fkwits couldn't see the end game if delays to GSA occurred. We really need the gS out asap to boost the price and then a quick sale to avoid more dilution!! aimho of course

[douglascomb] 04/5/2023 09:11

A lot of selling. What's going on ...

[wadnob] 03/5/2023 23:28

24mins in to presentation
400million valuation over 7 years based on our 15%

[grannyboy] 03/5/2023 13:06

'CO2 is a blessing, not a curse.'

[currypasty] 03/5/2023 11:56

old video... ?

[georgesorrow] 03/5/2023 11:50

13.22 on the video: GSA before the end of the year!
Kill me now.

[wadnob] 02/5/2023 18:17

Valuation for asset 14mins in!
Very nice indeed to multi multi bag us!