Coro Energy Share Discussion Threads

[blueblood] 16/6/2020 21:17

Doesn't add up since release of increased reserves from G&C we have been mullered! Only thing I can think of is Menzies suing for unfair dismissal but even if that is remotely true it shouldn't be such a drag. Don't even think this is issue as he was given several options so only other thing is Lombard selling but that makes no sense to me!

[digger2779] 16/6/2020 10:46

Probably Lombard offloading again which doesn't make sense as sale of Duyung in pipeline so to speak?
Think the only way we will get answers is to email the company and ask them to explain how the share price has lost over 90% of it's value in the last 10 months. I don't suppose they care as there's enough money in the kitty and other kitties (AST) to pay their salaries.

[blueblood] 16/6/2020 10:10

AGM next week but nobody can go to ask some questions and hold them to account!

[blueblood] 16/6/2020 08:48

The new BoD need to say something! This silence is ridiculous

[currypasty] 16/6/2020 08:45

5.3 million sell and MM's only gave 0.32

a bit of a plan on where coro are going may help

[digger2779] 10/6/2020 11:30

Well EME is very perky today and I can't get an electronic bid quote on ii for more than 100 shares here! WTF is going on?!!!
Maybe EME rise has nothing to do with Duyung but nevertheless something stinks here.

[blueblood] 10/6/2020 09:49

The $60m is for asset sale for $400m. Highly achievable given market and proximity to production facilities and pipeline imo. This is backed up by fact it's currently the largest proven find in the area.

[blueblood] 10/6/2020 09:46

Bit of volume returning since yesterday. This is a pure Duyung valuation play at the moment and can't see this being less than $45m for our 15%. This would leave us with cash in excess of 1.5pps after repaying Eurobond. Any increase in valuation above this quickly starts to multiply pps ie $60m for 15% would leave cash in excess of 3pps.

[digger2779] 05/6/2020 13:10

curry - just tried a few dummy sells and can't get an electronic quote for more than 120 shares ffs.
This really took off when drilling announced and has fallen off a cliff now results have exceeded expectations. Same as EME.
Very puzzling but no doubt we will get shafted as per usual.

[currypasty] 05/6/2020 12:38

market makers paying under bid again..

It seems to me like there is something going on here that we are not aware of.. On the face of it this price 0.4 ish should be a bargain if Duyung is sold at anything above the Cenkos low valuation. Yet no one is buying.. you would have thought that directors would be loading up, or at least helping themselves to warrants and options..

what is the issue here no one is telling, but some obviously know about?

[blueblood] 03/6/2020 22:10

With China being pushed back at EME expect full focus on selling Duyung in next few months. Still think 5 bagger minimum on sale confirmation. Great risk/reward down here imho.

[digger2779] 01/6/2020 11:35

mrzippo - as long as it's not burn baby burn!!

[mrzippo] 01/6/2020 11:19

Churn baby churn

[allinforabigprofit] 30/5/2020 10:35

Buys are showing as sells.

[digger2779] 29/5/2020 15:42

Someone's still unloading. Doesn't make sense.

[blueblood] 28/5/2020 15:33

New brokers note for EME. At very conservative $6mcf gives Duyung asset valuation of $220m and at more realistic $10mcf a $480m. For CORO that's between $33m & $72m. We have outstanding debt of c€25m. At the mid point this would clear debt and leave us with cash of c£20m plus current cash & Malaysia. This is equivalent to so in excess of 3p for mid case.

[mojad5] 26/5/2020 07:21

"Very material upside for shareholders" - I like those words :)

[nithbank] 26/5/2020 07:11

Brilliant news release.

[blueblood] 25/5/2020 19:46

Asset value $400m for 0.5TCF. Would leave CORO with c£20m after paying off €25m Eurobond. This would equate to c2.5pps cash without anything for Malaysia or bank.

[blueblood] 25/5/2020 19:39

Quick calc

[deanmatlazin] 25/5/2020 17:25

Miltos Xynogalas, CEO, commented:“The GCA audit results are extremely gratifying not only because they confirm the large resources of the Mako Field, but also because they endorse the high-quality technical work performed by Conrad. Over the last three years, the company drilled three successful wells and undertook numerous rigorous technical studies. Our efforts, supported by our joint venture partners, have proven the high value resources of the Mako accumulation and have brought the field closer to development. It is a tremendous achievement for a relatively young company such as Conrad to be able to identify and mature almost 0.5 Tcf of gas resources at Mako, resources that lie close to existing infrastructure and well-established gas markets. The Company is now positioned to take the project to FID, the next and very critical milestone in our road map to production.”

David Johnson, Executive Chairman, said:“Mako has the potential to deliver gas to address both the aspirations of the Indonesian government and pipeline gas needs of the Singaporean market. We look forward to the development of a domestic Indonesian market for West Natuna gas and are excited to work with Singapore to extend the fruitful partnership between Indonesian-based West Natuna producers and Singapore-based gas users.”

About the Duyung PSC

The Duyung PSC covers approximately 890 km2in the Riau Islands province, situated in the offshore Indonesian waters of the Natuna Sea. It is close to the West Natuna Transportation System (WNTS), a natural gas pipeline connecting three producing blocks in Natuna Sea to Singapore. WNTS currently supplies approximately 0.4 billion cubic feet (Bcf) of natural gas per day to Singapore. Conrad is the operator and owns a 76.5% participating interest in Duyung. Its partners Coro Energy Plc and Empyrean Energy Plc own participating interests of 15% and 8.5%, respectively.

[deanmatlazin] 25/5/2020 17:22

Current market cap is a pittance compare to 13Mmboe for CORO. I have calculated the value...it is worth over $500million dollars to CORO if selling the gas at full market price.

[deanmatlazin] 25/5/2020 17:15

GCA's audit, dated 22ndMay, 2020, confirmed Conrad's internal resource estimates and provided a significant upgrade for the Mako Gas Field compared to their previous audit of January 2019. The 2C (contingent) recoverable resource estimates have been increased to 495Bcf, an increase of approximately 79% compared with the 2019 audit. In the upside case, the 3C (contingent) resources have increased by approximately 108% compared with the 2019 audit. With the latest upgrade, Mako has been shown to be one of the largest gas fields ever discovered in West Natuna Basin, and is currently by far the largest undeveloped resource in the immediate area

[pb01] 25/5/2020 16:39

Excellent upgrade CPR report. Coro looks too cheap at 0.5 p. Big re rate coming.