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CORO Coro Energy Plc

0.00 (0.00%)
20 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Coro Energy Plc LSE:CORO London Ordinary Share GB00BDCFP425 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.114 - 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Natural Gas Liquids 6.71M -4.12M -0.0014 -0.79 3.15M
Coro Energy Plc is listed in the Natural Gas Liquids sector of the London Stock Exchange with ticker CORO. The last closing price for Coro Energy was 0.11p. Over the last year, Coro Energy shares have traded in a share price range of 0.114p to 0.425p.

Coro Energy currently has 2,866,858,784 shares in issue. The market capitalisation of Coro Energy is £3.15 million. Coro Energy has a price to earnings ratio (PE ratio) of -0.79.

Coro Energy Share Discussion Threads

Showing 7951 to 7974 of 8250 messages
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Conrad Asia raises A$13M to advance gas projects
Conrad Asia Energy has received funding support for its plans to advance its Mako gas project offshore Indonesia.

To be fair, CORO has been very communicative regarding its renewables operations in Vietnam and the Philippines. There's a lot going on in this company apart from the interminable wait for Duyong.
Both the CEO of CORO and EME are like rabbits in the headlights… Its a gamble as neither CEO have a plan B or any intention promoting something about their company..
No plan B equals fundamental mistake…. Imv

A bit more detail in this article than we normally get

Protracted processes
The final GSA with Singapore’s Sembcorp requires that price and gas allocation approval must be endorsed by Indonesia’s Minister of Energy and Natural Resources, Arifin Tasrif, and he has had insisted on improved sales terms that have subsequently been agreed by all parties to the GSA.

“We are working with the buyer, [upstream regulator] SKK Migas and other government departments to target the finalisation of a binding GSA (with customary conditions precedent) as soon as practicable, prior to the end of Q2 2024,” said Conrad.

The key conditions of the Term Sheet with Sembcorp relate to the sale of Mako gas from start of production to the expiry of the Duyung PSC in 2037. This covers a total sales gas volume of approximately 293 billion cubic feet, with a potential increase to around 392 Bcf, representing 71% to 95% of the field’s estimated 2C contingent resources of 413 Bcf.

Meanwhile, Conrad continues to progress the technical and commercial work with the WNTS Joint Venture and, with the support of SKK Migas, to conclude access to - and reserve capacity in - the WNTS to transport Mako’s gas to Singapore.

Also, in line with its Domestic Market Obligation (DMO) as set out in the revised plan of development, Conrad has progressed negotiations of the sales of the domestic portion of Mako gas to state-owned Perusahaan Gas Negara (PGN). Subject to the construction of the pipeline connecting the WNTS with Batam — the Pemping pipeline — the operator intends to sell Mako’s gas to PGN to satisfy its DMO representing approximately 29.5% of Mako sales gas volumes.

Conrad and PGN are finalising a formal agreement to govern these arrangements. However, despite the project being approved for several years, funds for the construction of the Pemping pipeline have yet to be appropriated, and the project remains uncertain, cautioned Conrad.

Against this backdrop, the company is continuing to talk with prospective new partners as it seeks to farm down its 76.5% operated interest in the Duyung PSC.

"The improved GSA price formula and optimised capital expenditures (with the introduction of staged production start-up) underpin both the robust economics of the Duyung PSC and the likely attractiveness of the project to debt providers and potential farm-in partners,” commented James Parsons, chairman of current Mako partner — London-listed Coro Energy — which has a 15% stake.

“We eagerly await the outcome of the farm out process and in the meantime will continue to progress the growth of our renewables portfolio at pace building on our recent progress in both Vietnam and the Philippines."

Just need some glaring strong news!
Looking good, massively oversold and cheap as chips... been adding quietly before the others join! Should be at least .20 for starters
From Saf on EME board. The $325m is total cost of phase 1 with the $250m being part of this as cost to first revenue.
Not sure if the $325m is additional to the $250m
So is this $545m to initial revenue for 7 years of gas?

I hope it won't be an issue but I expect they will demand improved terms.

ride daice
Drop seems a bit overdone, given lenders for capital lined up and just a short further delay on the, price improved, gsa.
It will be deferred till the sale of duyung .that won't be an issue
how will they pay the loan back in April ?
Has anyone been counting how many 'deadlines' Conrad has agreed? got to be in double figures by now.

Maybe 'deadline' means something different in Australia?

You do have to laugh at the duplicitous wording from both Conrad and now Parsons & also TK at EME referencing the "The improved GSA price formula......'

It is the formula to establish a price that has been improved NOT the price.

So latest 'kick down the road' GSA date from Conrad is end of Q2

n Q3 2023, the Company signed a non-binding term sheet (the "Term Sheet") with Sembcorp Gas Pte Ltd ("Sembcorp"), a major Singapore energy company, which outlines the core terms and serves as the basis for negotiating a definitive Gas Sales Agreement ("GSA"). Subsequent commercial negotiation between the Minister of Mining and Natural Resources and Sembcorp has resulted in both improved price formula and a delay in executing the GSA, and accordingly, Conrad has agreed with Sembcorp to delay the deadline to finalise a binding GSA (which will be subject to customary conditions precedent) by the end of Q2 2024.

So a price sensitive announcement, positive or negative for Conrad, is expected imminently. Any further delay may possibly result in a suspension..
I see Conrad have frozen their shares on Asx pending a placing. They are hurting too as they wait for this bloody gsa to be sorted.
Not wanting to get into another bun fight here but a bit depressing to see posts elsewhere completely ignoring any positive news on renewables.

As I type renewables are at least as valuable as even the most positive outcome from Duyung......that is 15% of Duyung sold and debt paid.

As the renewable programme moves on the difference becomes even greater.

The most recent news has been that a Vietnamese bank is willing to provide up to c.$17m finance (50% in stages) for Coro to install solar panels across 900 sites in Vietnam.
The first 9 site pilot is to cost c.$300k then if this proves the project they will move ahead with the rest to a total of 50MW......this is a $33m-$35m deal.

The target for Coro is 150MW installed in Vietnam.

Then we have the very important and large investor Capton. This deal still being negotiated but Capton are very interested in buying into Coro's Vietnam operation !!!

Another rather technical point announced recently is that their Philippine met mast will provide data that is applicable to more than one wind farm site .....this data is essential for any wind farm project and is therefore very valuable.
Coro also have 12 months LIDAR data so they have all the data that ANY investor would demand before financing the projects.....even if Coro don't build the wind farms this data is worth millions.

Then we have the Philippine 100MW solar farm....doesn't need the same data but complicated land deal leases etc ...should be moving along and must be RTB in a few months ??!!

At RTB stage on any of the Philippine projects Coro would have the opportunity to sell the site with all permissions info/hints have been given but at this stage ,and Duyung taking forever, the temptation would be there.

The Philippine solar would be the first to reach RTB and could be sold for $15m-$20m
This is a $100m project so the value here is getting it handed to you absolutely ready to go.
The wind projects are $175m each so the value of all Coro's data and permissions is even more obvious.

pavey ark
As MD of renewables, does he have anything to do with Duyung?
sounds like he is not expecting duyung cash any time soon
Michael Carrington on funding:
positive article re coro/ EME by analist richard chambers on bb by pro investors coro might lift the gloom gla
Mebo2, the latest Director video with Proactive Investors has now been published on the Coro Energy website under the 'Videos' Tab (Found under the Media Tab).
There's an analyst on LinkedIn called Robert Chambers - Upstream/LNG/Energy Transition, Data/Software/Analysis, whom I follow: (Links found in thread)

He has written the following: (This is an excerpt from the article published today)

Indonesia - Maintaining momentum through 2024

Continuing momentum on major projects - Mako

It was great to see the potential development of the Mako gas field on this list. The field sits in the Duyung PSC and is operated by Conrad Asia Energy. Back in May, Conrad started a farm-down process for the asset and my thoughts at the time can be found here: They are looking to reduce their 76.5% stake in the asset to 40-50%.

The recent SKK Migas presentation states a target onstream date for the Mako field development of Q4 2025, we would need see things move very quickly from here for this to happen. To me, there are two major elements that need to be resolved for the project to progress to FID, with a third item having the potential to improve the attractiveness of the project:

Third-party access to WNTS: the primary option for getting the gas to market would be through the West Natuna Transportation System (WNTS), operated by a consortium of companies led by MedcoEnergi. However, this seems to be causing some challenges to Conrad. It wouldn't take too much pressure from SKK Migas onto MedcoEnergi to get this moving.

Gas Sales Agreement (GSA): in September 2023, it was announced that the Mako partners had singed signed non-binding key terms with Singapore's Sembcorp Gas for the first long-term gas sales agreement for the Mako gas field, with the price indexed to Brent crude prices. Conrad have stated that the hope to convert this into a binding GSA in Q1 of this year.

Fiscal terms: there has been no indication from the project partners that they would like to change the fiscal terms for the project. However, given that the fiscal terms were converted to Gross Split in 2019 there may be some benefits to switching back to cost recovery, although this may slow the development.

Given that this is a priority project for SKK Migas, I would hope that they can help to resolve the third-party access issues and facilitate with any other issues preventing the project from taking FID. For their part, Conrad have shown willingness to continue to invest in Indonesia by taking up two new blocks in the first bid round of 2022, but will need to see progress at Mako to continue doing so.

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