Coro Energy Share Discussion Threads

[currypasty] 14/4/2020 11:52

not much of a reaction to great update this morning..


Perhaps people are still a bit stunned with menzies going? Investors looking for some direction from the remaining board?

[m5] 07/4/2020 10:40

Fair point CP. I ain't selling at this point but I certainly do not see it as a buy. Lots of other better opportunities out there.

[currypasty] 02/4/2020 15:17

I have to disagree with you there m5 on menzies. I personally thought he was a bit over optimistic and had unrealistic aspirations. Ive watched all the videos and interviews including the last one where he said on the cpr and gas sales, banks would be falling over themselves to lend him money. The fact is that the interest on the bonds ends up at 37% and is payable in 2 years. Even before C-19 it was surely a tall order for a 3.5m mcap company borrowing a shed load more money when they already had debt at 21m.

Second point, yes cutting cost is vital, and I hope every aim oiler is doing the same, perhaps the 2.3m cut should have been done earlier?

[m5] 02/4/2020 09:10

Sorry to see Menzies go. This and EME, what a disaster, fortunately bailed a while ago from EME but have a few of these. Not point selling at this level. Bottom drawer one.

At least they have cut back and have cash for another year. Better than burying your head in the sand.

[currypasty] 02/4/2020 08:24

exactly.. Menzies gone!

[steelwatch] 02/4/2020 07:18

Well! That's a turnip for the book!

[blueblood] 01/4/2020 13:00

Yep good job Bula fell through and left us with good wedge of $$$

[steelwatch] 01/4/2020 12:54

Also, see the video in the header above from about 35 minutes in, or:



edit: from 36:30

[currypasty] 01/4/2020 12:36

thanks steelwatch

[steelwatch] 01/4/2020 12:22

CURRY - afaik, CORO were fully funded for the completed drilling program and still have some cash left over in the kitty to pursue low ball M&A deals.

"As part of the deal to acquire its 15% interest in the PSC, Coro will be contributing $10.5 MM to the total cost of the drilling campaign and Coro is fully funded for both that as well as its residual 15% share of the programme costs."





Last year, the annual results were announced 1st May, but no idea whether this year's release will be delayed or not due to corona virus lockdowns.

As to payments outstanding, this was mentioned in the Interim Report:

Bulu PSC restructured terms

Post period under review, the Group announced a restructuring of the Bulu PSC acquisition terms, which most notably involved an amendment to the payment schedule of the cash consideration components to be paid to AWE Limited ("AWE"). Originally the Group had agreed to pay AWE a total sum of $8m ($1.04m in back costs and working capital adjustments and $6.96m in cash consideration) upon closing of the transaction. The Group has now agreed with AWE to pay the same quantum of cash but now phased over four instalments with the first being a sum of $2.5m payable on completion of the acquisition (which is pending, inter alia, approval for the transfer of the 42.5% working interest to Coro). The next instalment of $1.5m will be payable to AWE on 1 September 2020, with a further $2.5m payable on the earlier of: i) the Bulu PSC partners agreeing a final investment decision to proceed with the financing, development and construction of the project pursuant to the approved plan of development; or ii) 1 July 2021. The final instalment of $1.5m is payable on the sooner of: i) the date of commencement of commercial production from the Bulu PSC; or ii) 31 December 2022. Completion of the transaction remains conditional on, inter alia, JV partner pre-emption and regulatory government approvals prior to a long stop date of 2 December 2019. These amendments allow for additional time for regulatory approvals to be obtained as well as extending the payment schedule out to potentially first gas which strengthens the Group's balance sheet in the interim.



I don't know what the drilling contract payment terms are as far as any outstanding liabitity remaining.

[currypasty] 01/4/2020 08:50

also from that rns

"will require to secure additional funding to enable it to satisfy its share of final costs in relation to the drilling of the Tambak-1 and Tambak-2 wells in Q4 2019, including post drilling resource updates"

on eme, we all thought T1 T2 had long been paid for. Any thoughts from coro point of view, did they pay the full amount and have a cap, or are there more fees here too?

[steelwatch] 31/3/2020 23:58

Just noticed there was an update from EME today, JV partner in the Mako field:

Indonesia

Following the highly-successful appraisal drilling campaign on the Mako gas field in Q4 2019, which saw the Tambak-1 and Tambak-2 wells demonstrate the presence of well-developed, high quality reservoir sandstones with a common gas water contact across the Mako structure, the operator, Conrad Petroleum, has been working alongside external consultants to update an internal view of resources at the Mako gas field. Subsequently, Gaffney Cline and Associates ('GCA') was commissioned to update its view of the Mako gas field, which lies in the Duyung PSC in the West Natuna basin, offshore Indonesia (the 'Duyung PSC').

The work required to arrive at an internal assessment of resources at the Mako gas field is very close to being completed and Empyrean anticipates being in a position to release these numbers shortly.

The operator has advised that despite the movement and travel restrictions affecting all parties involved, all efforts are being made to ensure that GCA delivers their report in a timely fashion. The revised competent persons report by GCA will use new data acquired from the Q4 2019 appraisal drilling programme, including the drill stem test at Tambak-1, which flowed at 11.4 MMscf/d.

GCA previously ascribed 2C resources of 276 Bcf and 3C resources of 396 Bcf to the Mako field and the Duyung PSC partners are now awaiting the publication of this new independent resource assessment. The Company is confident of a significant upgrade in the resource size as a result of the drilling campaign and the Company looks forward to updating shareholders on the results of the updated GCA resource assessment in due course.

The Mako gas field is located close to the West Natuna pipeline system and gas from the field can be marketed to buyers in both Indonesia and in Singapore, where a heads of agreement with a gas buyer is already in place. With a Plan of Development approved by the Indonesian Authorities, the conclusion of a gas sales agreement will mark an important step toward the final investment decision to develop and commercialise the field.

[blueblood] 26/3/2020 15:29

What's that funny colour......

[laptop15] 26/3/2020 14:56

https://twitter.com/laptop1515/status/1243189520109056001?s=19

[laptop15] 24/3/2020 09:25

https://twitter.com/laptop1515/status/1242381664640172032?s=19

[laptop15] 24/3/2020 08:18

https://twitter.com/laptop1515/status/1242343665428807680?s=19

[laptop15] 23/3/2020 21:51

CPR due any day been adding today

[johncasey] 16/3/2020 17:32

AND IT WAS ALL PLANNED IN OCTOBER 2019

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The next severe pandemic will not only cause great illness and loss of life but could also trigger major cascading economic and societal consequences that could contribute greatly to global impact and suffering. Efforts to prevent such consequences or respond to them as they unfold will require unprecedented levels of collaboration between governments, international organizations, and the private sector. There have been important efforts to engage the private sector in epidemic and outbreak preparedness at the national or regional level.1,2 However, there are major unmet global vulnerabilities and international system challenges posed by pandemics that will require new robust forms of public-private cooperation to address.

The Event 201 pandemic exercise, conducted on October 18, 2019, vividly demonstrated a number of these important gaps in pandemic preparedness as well as some of the elements of the solutions between the public and private sectors that will be needed to fill them. The Johns Hopkins Center for Health Security, World Economic Forum, and Bill & Melinda Gates Foundation jointly propose the following:

Governments, international organizations, and businesses should plan now for how essential corporate capabilities will be utilized during a large-scale pandemic. During a severe pandemic, public sector efforts to control the outbreak are likely to become overwhelmed. But industry assets, if swiftly and appropriately deployed, could help to save lives and reduce economic losses. For instance, companies with operations focused on logistics, social media, or distribution systems will be needed to enable governments’ emergency response, risk communications, and medical countermeasure distribution efforts during a pandemic. This includes working together to ensure that strategic commodities are available and accessible for public health response. Contingency planning for a potential operational partnership between government and business will be complex, with many legal and organizational details to be addressed. Governments should work now to identify the most critical areas of need and reach out to industry players with the goal of finalizing agreements in advance of the next large pandemic. The Global Preparedness Monitoring Board would be well positioned to help monitor and contribute to the efforts that governments, international organizations and businesses should take for pandemic preparedness and response.

Industry, national governments, and international organizations should work together to enhance internationally held stockpiles of medical countermeasures (MCMs) to enable rapid and equitable distribution during a severe pandemic. The World Health Organization (WHO) currently has an influenza vaccine virtual stockpile, with contracts in place with pharmaceutical companies that have agreed to supply vaccines should WHO request them. As one possible approach, this virtual stockpile model could be expanded to augment WHO’s ability to distribute vaccines and therapeutics to countries in the greatest need during a severe pandemic. This should also include any available experimental vaccine stockpiles for any WHO R&D Blueprint pathogens to deploy in a clinical trial during outbreaks in collaboration with CEPI, GAVI, and WHO. Other approaches could involve regional stockpiles or bi- or multinational agreements. During a catastrophic outbreak, countries may be reluctant to part with scarce medical resources. A robust international stockpile could therefore help to ensure that low and middle resource settings receive needed supplies regardless of whether they produce such supplies domestically. Countries with national supplies or domestic manufacturing capabilities should commit to donating some supply/product to this virtual stockpile. Countries should support this effort through the provision of additional funding.

Countries, international organizations, and global transportation companies should work together to maintain travel and trade during severe pandemics. Travel and trade are essential to the global economy as well as to national and even local economies, and they should be maintained even in the face of a pandemic. Improved decision-making, coordination, and communications between the public and private sectors, relating to risk, travel advisories, import/export restrictions, and border measures will be needed. The fear and uncertainty experienced during past outbreaks, even those limited to a national or regional level, have sometimes led to unjustified border measures, the closure of customer-facing businesses, import bans, and the cancellation of airline flights and international shipping. A particularly fast-moving and lethal pandemic could therefore result in political decisions to slow or stop movement of people and goods, potentially harming economies already vulnerable in the face of an outbreak. Ministries of Health and other government agencies should work together now with international airlines and global shipping companies to develop realistic response scenarios and start a contingency planning process with the goal of mitigating economic damage by maintaining key travel and trade routes during a large-scale pandemic. Supporting continued trade and travel in such an extreme circumstance may require the provision of enhanced disease control measures and personal protective equipment for transportation workers, government subsidies to support critical trade routes, and potentially liability protection in certain cases. International organizations including WHO, the International Air Transport Association, and the International Civil Aviation Organization should be partners in these preparedness and response efforts.

Governments should provide more resources and support for the development and surge manufacturing of vaccines, therapeutics, and diagnostics that will be needed during a severe pandemic. In the event of a severe pandemic, countries may need population-level supplies of safe and effective medical countermeasures, including vaccines, therapeutics, and diagnostics. Therefore, the ability to rapidly develop, manufacture, distribute, and dispense large quantities of MCMs will be needed to contain and control a global outbreak. Countries with enough resources should greatly increase this capability. In coordination with WHO, CEPI, GAVI, and other relevant multilateral and domestic mechanisms, investments should be made in new technologies and industrial approaches, that will allow concomitant distributed manufacturing. This will require addressing legal and regulatory barriers among other issues.

Global business should recognize the economic burden of pandemics and fight for stronger preparedness. In addition to investing more in preparing their own companies and industries, business leaders and their shareholders should actively engage with governments and advocate for increased resources for pandemic preparedness. Globally, there has been a lack of attention and investment in preparing for high-impact pandemics, and business is largely not involved in existing efforts. To a significant extent this is due to a lack of awareness of the business risks posed by a pandemic. Tools should be built that help large private sector companies visualize business risks posed by infectious disease and pathways to mitigate risk through public-private cooperation to strengthen preparedness. A severe pandemic would greatly interfere with workforce health, business operations, and the movement of goods and services.3 A catastrophic-level outbreak can also have profound and long-lasting effects on entire industries, the economy, and societies in which business operates. While governments and public health authorities serve as the first line of defense against fast-moving outbreaks, their efforts are chronically under-funded and lack sustained support. Global business leaders should play a far more dynamic role as advocates with a stake in stronger pandemic preparedness.

International organizations should prioritize reducing economic impacts of epidemics and pandemics. Much of the economic harm resulting from a pandemic is likely to be due to counterproductive behavior of individuals, companies, and countries. For example, actions that lead to disruption of travel and trade or that change consumer behavior can greatly damage economies. In addition to other response activities, an increase in and reassessment of pandemic financial support will certainly be needed in a severe pandemic as many sectors of society may need financial support during or after a severe pandemic, including healthcare institutions, essential businesses, and national governments Furthermore, the ways in which these existing funds can now be used are limited. The International Health Regulations prioritize both minimizing public health risks and avoiding unnecessary interference with international traffic and trade. But there will also be a need to identify critical nodes of the banking system and global and national economies that are too essential to fail – there are some that are likely to need emergency international financial support as well. The World Bank, the International Monetary Fund, regional development banks, national governments, foundations, and others should explore ways to increase the amount and availability of funds in a pandemic and ensure that they can be flexibly used where needed.

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Accomplishing the above goals will require collaboration among governments, international organizations and global business. If these recommendations are robustly pursued, major progress can be made to diminish the potential impact and consequences of pandemics. We call on leaders in global business, international organizations, and national governments to launch an ambitious effort to work together to build a world better prepared for a severe pandemic.

[johncasey] 16/3/2020 17:21

THE NUMBER OF DEATHS HAS BEEN STEADY SO YOU ARE BEING FED A PACK OF LIES

[aimsurfer] 09/3/2020 10:28

Wonder why the change of advisor when they don't need the cash. Deal finalising? Averaged down more just now. Mcap at cash level now.