Coro Energy Share Discussion Threads

[begorrah88] 31/1/2024 07:13

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.

[steelwatch] 31/1/2024 01:27

So a price sensitive announcement, positive or negative for Conrad, is expected imminently. Any further delay may possibly result in a suspension..

[barony] 30/1/2024 23:07

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.

[pavey ark] 25/1/2024 17:23

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 etc.....no 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.

[barony] 25/1/2024 11:41

As MD of renewables, does he have anything to do with Duyung?

[currypasty] 24/1/2024 16:06

sounds like he is not expecting duyung cash any time soon

[steelwatch] 24/1/2024 16:00

Michael Carrington on funding:

[mhfrancis] 24/1/2024 13:00

positive article re coro/ EME by analist richard chambers on bb by pro investors coro might lift the gloom gla

[jason90] 23/1/2024 15:44

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).

[jason90] 23/1/2024 15:37

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.

[mebo2] 23/1/2024 12:07

Can't seem to find the link, I press on what's meant to be the link & nothing?

[pavey ark] 23/1/2024 07:14

Jason90, thanks for that....a very good and informative video interview with Michael Carrington.

[jason90] 22/1/2024 15:47

Director's Interview update from Michael Carrington on Proactive.

Link in thread.

[jason90] 22/1/2024 09:55

Some more good news out today. Link in thread.

[10owen] 21/1/2024 14:02

Cant disagree with that Pavey.

[pavey ark] 21/1/2024 13:41

I know that most don't come close to appreciating the value in Coro's renewable project but I suspect that more than a few here do and are "singing from the same sheet"

Further very positive news snippet: the new wind monitoring system , recently installed , could provide wind data for more than one site.

This news is very significant as I have always thought that data collection accumulated a real cash value with each passing month.....a cash value on its own !!

If you can't get bank lending without this 12 month data set then it becomes very valuable (time is money)....if the data can be applied to further potential sites it , rather obviously, becomes even more valuable.

[man1] 19/1/2024 17:20

https://x.com/coroenergy/status/1747906684226261492?s=52&t=7BldWq_6llew6gFnl5MCKw

[pavey ark] 19/1/2024 16:27

Picture of the new mast on CORO Twitter.....I thought the 130m height was a misprint....it doesn't look like it was !!!

[man1] 18/1/2024 17:57

I'm sure the 375 mil was entwined on his last interview re Capton of potential future revenue stream...

[pavey ark] 18/1/2024 15:00

jason90. I don't remember that but the renewables business they are setting up has the ability to generate very substantial revenue streams.

This current Vietnamese programme is aimed at 50MW to 150 MW and their initial startup 3MW scheme generates $300k /year.
Not exactly comparing like with like as this initial project was entirely funded by Coro and the 150 MW will be funded by bank borrowing and possibly Captor but it gives an idea of the potential.

The large utility scale projects are 100 MW each and are expensive but it looks like the money is readily available.

Again it is difficult to get a clear view of things until Duyung is sorted....one way or another.

[jason90] 18/1/2024 12:41

Pavey, I remember seeing one of Michael Carrington's interviews last year stating that they are working towards building a renewables portfolio to generate £375 million revenue over a 25 year period.(£15 million/year revenue). Do you know much about this project, or does it relate to the current projects being discussed here?

[10owen] 18/1/2024 09:00

Amazed at zero trading so far today.Just like football managers are judged on instant results it seems shares well Coros anyway only advance with a today happening rather than strategic block building for the future.

[pavey ark] 18/1/2024 08:49

My take on this rather important announcement is that Coro have now secured an offer of funding for half the cost of the Mobile World deal and at the same time Capton are looking to buy into Coro's Vietnam solar business.

Obviously this offer of finance from a Vietnamese bank (after six months of negotiations and due diligence being carried out)does underscore the viability and value of the business.
50% of this deal is c.$15m so we have a bank willing to lend $15m albeit on staged payments .

Then at the same time we have Capton ....they've undoubtedly spent time and money and they are still here !!??

This deal can only make the Vietnam more important to Capton who as if by sheer chance are looking to invest in 50Mw of solar in Vietnam.....what are the odds !!?

The 3MW bit looks a little strange but that is the business as it stands. I am certain that an outfit the size of Capton is not interested in buying into a 3MW scheme on its own......this is just a way of buying into Coro Vietnam and after today Coro Vietnam has become more valuable.