Coro Energy Share Discussion Threads

[mebo2] 25/5/2023 15:33

I'd be happier to get rid of Parsons

[currypasty] 25/5/2023 15:21

is that in writing owen ?

[10owen] 25/5/2023 15:03

Agree Blue.Like you not sure what is going on but Company said they had enough cash not to need a placing.Shorters/Lombard and Co.may be driving this down.Seems odd with GSA close plus the Italian sale and potential cash from suing the contractor who messed up.I guess we will just have to wait and hope things turn around pdq.

[blueblood] 25/5/2023 14:51

Only thing I can think of is Parsons reverting to type and looking for placing which would be ridiculous before Duyung is clarified in next couple of months!

[begorrah88] 25/5/2023 14:16

Heading for the exit doors & the MM's don't want any stock.Abysmal performance & silence from the BoD.

[currypasty] 25/5/2023 14:15

more lombard dump?

[crankylad] 25/5/2023 13:50

Cut immigration petition.

[crankylad] 25/5/2023 13:47

Cut immigration petition.

[currypasty] 25/5/2023 13:42

I think they should all have a pay freeze until progress on Duyung

[blueblood] 25/5/2023 11:00

Lombards sell?

[currypasty] 25/5/2023 08:32

perhaps it was a sell delayed publication from a couple of days ago, hence why the price suddenly dropped from .20 to .17

[digger2779] 25/5/2023 08:08

If that 54 million was a late buy yesterday it's had no impact on the share price

[the donald] 24/5/2023 23:03

Nearly 100k buy. That is serious money on a £4m market cap stock

[steelwatch] 24/5/2023 21:22

Thanks bengal1. In addition, JP said this in the results announcement:

"Meanwhile, the Company remains active across multiple regional business development opportunities, with a view to identifying potentially transformational oil and gas and other energy assets which would dovetail with the existing clean energy portfolio".

[bengal1] 24/5/2023 17:02

Article today in " Upstream " on Coro.

"Time for decisions: Coro executive chairman James Parsons. Photo: CORO

UK player considering Indonesia upstream exit
Coro Energy could pull out "if the terms are right"

24 May 2023 0:20 GMT UPDATED 24 May 2023 0:20 GMT
By Amanda Battersby in Singapore

Southeast Asia-focused UK energy company Coro Energy is considering the divestment of its Indonesian upstream asset if the price is right, just months after agreeing the sale of its Italian portfolio.

Coro is a 15% partner in Conrad Asia Energy’s Duyung production sharing contract, where the operator itself is looking to farm down its current 76.5% interest ahead of taking the final investment decision on the Mako offshore gas field development.

“The operator of the Duyung PSC announced it had engaged a global investment bank with a proven track record in similar transactions to lead a farm-down process for the divestment of a portion of its interest in the Duyung PSC. The operator [Conrad] advised bids are expected to be received during the second quarter of 2023,” noted Coro.

“Coro may participate pro rata in the farm-down process as various drag and tag along clauses exist in the Joint Operating Agreement. Coro may also entertain a full exit, depending on the terms offered,” the company said.

The Duyung partners are continuing to work on commercialising Mako with the current focus on securing a binding Gas Sales Agreement.

The Indonesian authorities have approved the revised Plan of Development for Mako based on a production rate of 120 million cubic feet per day of gas, up from the previous 44 MMcfd, with the ability to increase output up to 150 MMcfd after the first year, depending on well performance.

Meanwhile, front-end engineering and design work for Mako, including for the mobile offshore production unit and subsea umbilicals, risers and flowlines is progressing on schedule.

An exit from Duyung following Coro’s departure from Italy would see the independent focusing on Southeast Asia renewables projects.

The company in 2022 completed its first rooftop solar project of 3 megawatts in Vietnam, following the signing a 25-year Power Purchase Agreement, which started delivering electricity last October.

Also, Coro is working on planning and permitting activities for both renewable solar and wind projects in the Philippines. An application for a WESC (Wind Energy Service Contract) was submitted in 2022 and a Lidar installed to collect data.

On the financial front, Coro achieved a $2.6 million profit in 2022 after resuming and increasing gas production from its Italian onshore operations to benefit from the rise in gas prices in Italy.

However, Coro in March agreed to sell for 7.5 million euro ($8.08 million) its Italian producing portfolio to the UK’s Zodiac Energy "

[blueblood] 24/5/2023 17:01

Be good if it was Parsnip

[currypasty] 24/5/2023 16:57

54 million at .17 anyone on here?

[bengal1] 24/5/2023 13:25

Courtesy of EME Thread.

Podcast from Mario today as part of divestment road trip in Australia.
This time he makes it absolutely clear that they plan to keep 50% of Mako rather than sell 50%.
Consequently development Capex is reduced from US$303m ( 100% gross ) to c.US$150m for CRD only. If EME / Coro exit fully then up to 50% sale to new partner(s ).
Data room open & run by major US investment bank. Huge interest so far from Asian & International contractors from US, UK & Aus. Mako provides footprint into Asia with guaranteed income stream of several billions via the GSA over many years. Indo government due to get US$1bn in fiscal take. Binding term sheets to be approved by Indo government in next few months. Seems as though they are holding out for top dollar as per Tom´s RNS dated 2 May, So it seems to me that the sale may well take place before the GSA is signed or in close proximity.

[bengal1] 24/5/2023 12:43

Conrad will sell down to 51%. Therefore interested parties will want both the Coro and EME percentages to make it overall worthwhile.

[bengal1] 24/5/2023 12:40

Yes, very saleable 15% asset, worth a lot.

[blueblood] 24/5/2023 12:20

Could buy us out for peanuts