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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 Shares Traded Last Trade
  0.00 0.0% 0.335 1,176,990 08:00:18
Bid Price Offer Price High Price Low Price Open Price
0.33 0.34 0.335 0.33 0.335
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -5.83 -0.73 7
Last Trade Time Trade Type Trade Size Trade Price Currency
15:25:38 O 100,000 0.3325 GBX

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DateSubject
08/5/2021
09:20
Coro Energy Daily Update: Coro Energy Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker CORO. The last closing price for Coro Energy was 0.34p.
Coro Energy Plc has a 4 week average price of 0.33p and a 12 week average price of 0.31p.
The 1 year high share price is 0.78p while the 1 year low share price is currently 0.24p.
There are currently 2,111,622,173 shares in issue and the average daily traded volume is 7,104,416 shares. The market capitalisation of Coro Energy Plc is £7,073,934.28.
29/3/2021
18:58
helpfull: The Coro Energy shares obtained by Conrad Petroleum as part of the 15% Duyung acquisition were valued at 2.3492p. There were 60,905,037 shares in total valued at $1,850,000, divided pro rata twixt Conrad and Empyrean. They would be worth about $280,000 today. Conrad did not think Coro Energy shares at 0.4p were good value in the recent cash raise inspite of the Mako Resource GCA Audit giving "an increase of approximately 79% compared with the 2019 Mako Resource GCA Audit". What does that say about the Duyung asset and the Coro Energy debt? Doubling of resource value and 85% decrease in share value but no thank you. Be careful.
29/3/2021
17:08
currypasty: Conrad have the shares in coro due to them being as part payment for the Duyung interest "The share element of the consideration has been priced at a 30 day VWAP of Coro's share price up to the date of signing of the acquisition agreement and is set at 2.3492 pence per share. 60,905,037 shares of 0.1p each ( "Ordinary Shares") will therefore be issued to the WNEL owners as the share element of the consideration for the transaction. " so Corad had 90% of 60.9 m, or 54.8 million so Conrad have neither bought nor sold any of the consideration shares they got from farm down of Duyung to coro. The RNS was simply stating the new % they hold, after the recent placing shares were listed.
05/3/2021
13:02
helpfull: "It makes clear sense to keep the full 15% of Dyung to reap fabulous revenues/income. Basic maths says Coro's 15% share of 150mmcfd prod per day at $9mmcfd = nearly $74million in revenue per annum over at least 15 year field life potentially over 20 years with further drilling of deeper prospects. So will Coro keep its 15%? I won't comment on your specific numbers but we agree that the Duyung project has attractive commercial metrics. As I said in an earlier response, all options are on the table, including retaining our 15% interest through the development stage and into production". Nothing changes. Let the figures stand without comment. Or not. Everyone is going to be rich. But what is another alternatve? What might the 15% interest Coro Energy holds in Duyung be worth? The latest plan of development has the figures for GIIP of 384 Bscf, 566 Bscf and 766 Bscf for low, medium and high estimates respectively. Anyone looking to buy Duyung would use the lower figure as being the realistic,more reliable estimate. And would immediately use a figure of half 384 Bscf for recoverable gas. Not all gas will be recovered from the field, economically, as depletion occurs over time. That gives 192 Bscf. Over a twenty year period that would average 9.6 Bscf per year. Or 26,301,369 scf per day. That equates to $236,712 per day, income, at $9 per scuff. 15% interest would give yearly revenue of about $13,000,000 to Coro Energy. But revenue is years away. What about costs? Production wells are needed and connection to a pipeline. And payment for transportation of gas through the pipeline would be needed. And the gas would need to be cleaned up. And maintenance would be required. The 15% interest held by Coro Energy is so small it might need to be sold as part of the whole of Duyung to be worthwhile. And any buyer would not want to pay full whack. A discount for investment needed and the recovery of that investment over 20 years would be required. Time is expensive. Especially in the modern, green, world where time is running out for hydrocarbon. Will Coro Energy be able to recover enough money from Duyung to repay the €22,500,000 loan and interest? Uhm. It's no wonder the CEO is not an oil and gas man. It is a clear message for shareholders. Coro Energy cannot make oil and gas pay. Shareholders might have to wait years to find out. Be careful.
04/3/2021
10:39
johnswan193: With the directors option incentive package set at such a low price( lower than the share price for the last few weeks). If that's all the company thinks it can aspire to, why should anyone invest? Thanks for the question - its important shareholders understand the design of the LTIP. The awards to the executives will only vest if the company's share price performs well against a peer group of 20 companies in the energy sector. There is an additional condition which says that none of the options will vest without the share price being at least 15% higher than the placing price. So if the company does not perform well against its peers, and the share price doesn't improve by at least 15%, the options will be worthless. We see this creating strong alignment between management and shareholders.
03/3/2021
14:49
helpfull: Anyone wondering how the bond restructuring might go should look at the conditional agreement Echo Energy made with Lombard Odier, the holder of €5,000,000 debt in the company, in Dec 2020: https://www.investegate.co.uk/echo-energy-plc--echo-/rns/operations-update--debt-restructuring---fundraise/202012010700050192H/ It includes cancelling warrants at the original price (3p) and issuing new warrants at 0.3p (the same as the placing price announced the same day). I think Lombard Odier hold half of Coro Energy debt of €22,500,000 . Warrants were issued at the time : " Bond subscribers and undewriters were issued with a total of 47,357,500 warrants to subscribe for ten new ordinary shares in the company at an exercise price of 4p per share at any time over the three year term of the bonds". I expect the price of those warrants could be reduced to 0.4p which is also the same price as the recently announced cash raise in Coro Energy. Note also the option in the Echo Energy agreement for the bond holders to convert accrued yearly interest into shares, with a 10% discount to the prevailing share price. A lot of shares potentially on top of the 2,200,000,000+ shares already announced. And the New Long Term Incentive plan hasn't been mentioned. Coro Energy and Echo Energy have plenty in common including the respective BOD's, past and present, and how they have been set up. Be careful.
01/3/2021
11:43
digger2779: This was posted on the other board "From California Joe’s blog. Coro Energy (CORO) announced a proposed acquisition, placing and open offer. It has agreed to acquire Global Energy Partnership Limited, but all this company appears to have done is to have “screened̶1; some renewable energy projects. CORO is issuing 142,500,000 new shares (current value over £575,000) to pay for this £2 capital company, whose 31 January 2021 accounts filed at Companies House show it to be insolvent with assets of £136 and liabilities of £2,715. The placing raised £4.5 million gross, though, and a further £500,000 is hoped for from the open offer, but I suspect most of this will be used to “restructure” CORO's debt and enable a “divestment221; of the Italian assets (they’ll most likely be paying someone to take them). Along with its stablemates, Echo Energy (ECHO) and Sound Energy (SOU), CORO is one I’ve been negative about for some time and from much higher prices." We need to vote no to this acquisition if you can call it as such.
28/2/2021
22:14
thetoonarmy2: From California Joe's blog. Coro Energy (CORO) announced a proposed acquisition, placing and open offer. It has agreed to acquire Global Energy Partnership Limited, but all this company appears to have done is to have "screened" some renewable energy projects. CORO is issuing 142,500,000 new shares (current value over £575,000) to pay for this £2 capital company, whose 31 January 2021 accounts filed at Companies House show it to be insolvent with assets of £136 and liabilities of £2,715. The placing raised £4.5 million gross, though, and a further £500,000 is hoped for from the open offer, but I suspect most of this will be used to "restructure" CORO's debt and enable a "divestment" of the Italian assets (they'll most likely be paying someone to take them). Along with its stablemates, Echo Energy (ECHO) and Sound Energy (SOU), CORO is one I've been negative about for some time and from much higher prices.
27/2/2021
10:18
helpfull: CIP Merchant Capital Ltd hold 19% of Coro Energy shares according to the latest Annual report. There are 1,125,000,000 placing shares and for their holding of 19% to be maintained they would've needed to take up 213,750,000 placing shares, an investment of £855,000. It would appear they have not. Their holding would drop to just over 7% of the new, enlarged, share Capital of the company. Conrad Petroleum had 6.9% of the company shares at the time of the last annual report. Their share of the 1,125,000,000 placing share would be 77,625,000 shares at a cost of £310,500 to maintain their holding. It would appear they have not participated. Their holding would be below 3% of the new, enlarged, share Capital of the company. What message does this send to shareholders if, perchance, it is true? There are no "lock ins" for the 1,125,000,000 placing shares. Only the 142,500,000 shares issued to the vendor are locked in for 18 months. These substantial shareholders, CIP Merchant Capital Ltd., Conrad Petroleum and Lombard Odier, it might be surmised, should have a good idea about the prospects for the future of Coro Energy and its share price. Be careful.
21/8/2020
14:07
helpfull: Noticed in the EME final results that there were no updates on the progress of the touted Duyung sale. EME sold about 6,000,000 Coro shares it received from the Coro but in to Duyung. Quite astute. I wonder why they had little faith in the long term future of the Coro share price?
01/4/2020
12:22
steelwatch: 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." https://www.investegate.co.uk/coro-energy-plc--coro-/rns/duyung-psc-2019-drilling-programme-approved/201904290700153218X/ https://www.investegate.co.uk/coro-energy-plc--coro-/rns/issue-of-eurobonds-and-warrants/201904121622260926W/ 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. https://www.investegate.co.uk/coro-energy-plc--coro-/rns/interim-results/201909120700030399M/ I don't know what the drilling contract payment terms are as far as any outstanding liabitity remaining.
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