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CORO Coro Energy Plc

0.02 (8.0%)
01 Dec 2023 - 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 Shares Traded Last Trade
  0.02 8.0% 0.27 15,258,109 16:26:19
Bid Price Offer Price High Price Low Price Open Price
0.26 0.28 0.275 0.25 0.25
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Natural Gas Liquids USD 6.71M USD -4.12M USD -0.0014 -1.93 7.74M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:26:16 O 500,000 0.27 GBX

Coro Energy (CORO) Latest News

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Date Time Title Posts
01/12/202316:37CORO ENERGY PLC - SOU35,113
27/11/202314:12CORO. Renewables192
27/11/202312:33Good newz440
11/9/202322:59CORO .... READY FOR LIFT OFF !!!!300
27/5/202106:16Coro Energy at the UK Investors Show2

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Coro Energy (CORO) Top Chat Posts

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Posted at 25/11/2023 11:34 by pavey ark
The Capton (potential) deal was announced in August......50MW mentioned

The Mobile world MOU was announced in October ....50MW

The deal with their Vietnamese partner/installer was reworked...November ...Coro now have 92.5% of the business.....I think there is a "free carry" on the 7.5% so Coro is probably liable for 100% of cap ex .....some of this will be sold to Capton.

There would appear to be little doubt that the deal is going ahead and soon.

The Coro management run/develop the renewables side in a very impressive way and the only holdup has been caused by the lack of cash due to the delays at Duyung.

The Italian assets have been sold and ion Ventures was bought for £500k and sold for £1.25 million.

As far as the deal being "good" for Coro there has been every indication that management are more than capable of getting a good deal as they are in the position that every seller wants to be in......selling something that people want/need !!

The details of the deal will be interesting but they COULD sell 42% of the business to Capton then use this money to pay their share of installation costs up to a certain point ...then the income may be enough to complete the 50MW deal.

Nothing to say that things stop at 50MW but the money will be coming in.
Posted at 24/11/2023 17:37 by jason90
I've calculated around Euros 35m back to bondholders. (includes interest and shares after a full Duyung disposal)

Let's hope they have the option to sell their full share of Duyung ($101m), before this financial year end. This would negate having to renegotiate an extension with bondholders. (Coro have said this is a possibility).

Then there's the cost for Coro's capital to first gas ($38m)?

So net to Coro after a Duyung sale could be around $28m which is not to be sniffed at.

Plenty of cash to move ahead with their renewables and possibly partner again with Conrad on some further upcoming gas fields which Conrad are currently developing once Mako deal is finalised. Remember that Coro had a big hand to play in developing Mako Gas Field to this commercialisation point.

This is all best case scenario in my opinion.
Posted at 23/11/2023 09:17 by pavey ark
I wouldn't hold your breath....this could be the deal of the decade and I doubt if it would make any difference to the share price.

There are any number of current shareholders who absolutely refuse to see ANY value in renewables.
The only way forward for the share price is to get Duyung over with and a big change in the shareholder base.

On a more positive (less depressing) note is that the current share price totally and completely ignores the massive value (current and potential)in the renewable side and is totally focussed on the never ending soap opera that is Conrad and the Duyung negotiations......opportunity !!??

Give Duyung away for the yourself "Coro: SE asian renewables"and the share price doubles immediately (at least) and a long orderly queue form outside your door with people wanting to give you money.......with Duyung ..all that debt..messy (stalled) negotiations ....not so sweet.

EDIT: I will obviously take all the gold anyone is willing to throw at DUYUNG !!!
Posted at 22/11/2023 21:15 by pavey ark
10owen, rather more confident that Coro and Michael Carrington can deliver they have in the past.
Coro has absolutely no control/input at Duyung's all down to Conrad.

The Capton Energy deal looks rather linked to the recent Mobile World "estimated at 50MW of rooftop solar capacity"
Capton Energy: "The funding proposal received is for Capton to buy into Coro's current Vietnamese solar projects and provide investment into Coro's project pipeline of up to 50 megawatts"

Coro does have a large pipeline of solar deals so perhaps not a direct connection with World Mobile but given the recent data coming out of SE Asia and the need/desire for renewable energy Capton is unlikely to be the only source of capital.....but I'm sure they are very interested.

One last point: I can't see Coro going chasing new 50MW deals without lining up the capital.....they have enough existing projects to go one at a time 50 MW suggests to me that things are moving along.
Posted at 13/9/2023 08:17 by lazarus2010
I don't think anybody expected this price reaction either here or at EME!!

I get the feeling that the jump in the share price was the MMs playing games, might have been a lot of shorts in play which got stopped out when they pushed the share price to 0.4p. Word on the street is that MMs weren't doing any deals at those prices, so the trades were probably lined up already somehow.

Also re the HoT, after such a long negotiating process, clearly SKKMigas have been playing hard ball, so they must have got a very good deal to finally agree the HoT. All looks good for the eventual sale prices...I hope!!

aimho dyor niai
Posted at 08/9/2023 09:15 by pavey ark
What the hell has that to do with anything connected to Coro, anyone's investment in Coro or the prospect of anyone actually making money from Coro.

I have shown conclusively that Coro is a company heavily and increasingly involved in renewable energy generation.
Most Coro investors appear to have missed or ignored the change in the company they have invested in.

I believe that there is serious money to be made from investing in renewable energy project and I am invested in several renewable energy specific companies and these are certainly holding up well and paying very good dividends.

I haven't even opened the link as I know that there are many moving parts in these deals and high inflation and interest rate have made the price guarantees necessary will get sorted out.

Note to all the other Express/Mail reading..."Trump has the right idea" ...people out there...I am not interested in your views.

Hopefully I have made my point.......for good or bad Coro is heavily involved in renewable energy projects (I think "good" but that is just my opinion)

Anyone thinking "bad" obviously has a decision to make here.
Posted at 15/8/2023 08:50 by pavey ark
"Pavey Ark as I see it you have always been pro renewables" fooling you.

"Please tell me how you think that renewables that Coro are investing in will give a better return than the gas projects?".....probably no point in trying to tell you lot anything but with all my green, hippie, missionary zeal...I'll give it one last go!!!

I first got involved here because of the Italian gas deal....not so hippie eh??

I have a large number of shares BUT I would double my holding if the Duyung holding was sold, the debt cleared and the creditors simply went away.

Without the debt and all the "Duyung Dreamers" the share price would probably double.

Last week there were two highly significant announcements that would have resulted in a significant price rise in any other share....certainly in the brand new Duyung free "Coro Renewables".

Capton Energy (part owned by Siemens Financial) are going to invest in the Coro Vietnam solar business.....a business built on a shoestring and lots and lots of management effort ....while you lot were sitting round complaining about Duyung and saying that management were doing nothing for their money......Michael Carrington and his small team in the Philippines... getting permissions , government approval and sorting out the finances.....all on a shoestring and no credit given here.

Secondly : because they are short of cash, management do a deal to free up some cash to erect a met mast in the Philippines ....very important and as the wind data is confirmed the RTB value increases,

The RTB value in Philippines will be realised and will be substantial....c. $30m- $40m

Both of these announcements were greeted with the most ridiculous posts ever seem here....and that is saying something.

"More money for management", "it's a scam" , "PR fluff " etc, etc, etc.

Anyway, moving on, I would just like the members of the "flat earth society, petrol head section, "Duyung Dreamers" Branch Choir to hold hands and sing together... "somewhere over the rainbow... way up high...."
Posted at 03/8/2023 08:08 by pavey ark
I know that most investors here are in complete denial when it comes to the massive importance of renewable to the company they have invested in but surely even the most avid fossil fan can't ignore this.

It would appear that CORO have been approached by Capton Energy, based in Dubai, is a joint venture between Siemens Financial Services and Desert Technologies. The platform is focused on Energy Transition infrastructure in Africa, the Middle East, and Asia.

They are talking about an initial 50MW the cost of which would be close to $40m ....I don't know if people have noticed but the TOTAL market cap of Coro is under $10m.

It looks like CORO are going to leverage their current Vietnam Solar, their joint venture with their highly regarded and highly competent installer in Vietnam and all the grunt and ground work that management have put in over the last three years building up a pipeline of projects.....quite a bit of value in that especially when "The Money" wants in.......and they can say that they are decarbonising a country/region that burns coal.

This may lead to similar deal with the Philippine solar and wind projects .....obviously too big for CORO to go alone but RTB status is very , very valuable.
Just to give the disinterested some sort of an idea...Coro could sell these RTB projects for as much as $40m and walk away.

Today's possible deal must show what the potential is and the value to CORO.

Edit: just spotted the last bit of my post from three days heard it first here folks !!!
Posted at 24/5/2023 16:02 by bengal1
Article today in " Upstream " on Coro.

"Time for decisions: Coro executive chairman James Parsons. Photo: CORO

UK player considering Indonesia upstream exit
Coro Energy could pull out "if the terms are right"

24 May 2023 0:20 GMT UPDATED 24 May 2023 0:20 GMT
By Amanda Battersby in Singapore

Southeast Asia-focused UK energy company Coro Energy is considering the divestment of its Indonesian upstream asset if the price is right, just months after agreeing the sale of its Italian portfolio.

Coro is a 15% partner in Conrad Asia Energy’s Duyung production sharing contract, where the operator itself is looking to farm down its current 76.5% interest ahead of taking the final investment decision on the Mako offshore gas field development.

“The operator of the Duyung PSC announced it had engaged a global investment bank with a proven track record in similar transactions to lead a farm-down process for the divestment of a portion of its interest in the Duyung PSC. The operator [Conrad] advised bids are expected to be received during the second quarter of 2023,” noted Coro.

“Coro may participate pro rata in the farm-down process as various drag and tag along clauses exist in the Joint Operating Agreement. Coro may also entertain a full exit, depending on the terms offered,” the company said.

The Duyung partners are continuing to work on commercialising Mako with the current focus on securing a binding Gas Sales Agreement.

The Indonesian authorities have approved the revised Plan of Development for Mako based on a production rate of 120 million cubic feet per day of gas, up from the previous 44 MMcfd, with the ability to increase output up to 150 MMcfd after the first year, depending on well performance.

Meanwhile, front-end engineering and design work for Mako, including for the mobile offshore production unit and subsea umbilicals, risers and flowlines is progressing on schedule.

An exit from Duyung following Coro’s departure from Italy would see the independent focusing on Southeast Asia renewables projects.

The company in 2022 completed its first rooftop solar project of 3 megawatts in Vietnam, following the signing a 25-year Power Purchase Agreement, which started delivering electricity last October.

Also, Coro is working on planning and permitting activities for both renewable solar and wind projects in the Philippines. An application for a WESC (Wind Energy Service Contract) was submitted in 2022 and a Lidar installed to collect data.

On the financial front, Coro achieved a $2.6 million profit in 2022 after resuming and increasing gas production from its Italian onshore operations to benefit from the rise in gas prices in Italy.

However, Coro in March agreed to sell for 7.5 million euro ($8.08 million) its Italian producing portfolio to the UK’s Zodiac Energy "
Posted at 03/4/2023 16:32 by lazarus2010
beggie, as Toon says, the share price will find its own level after the initial sells and buys...everything of course and stating the bleedin' obvious, is dependent upon the GSA signature and then the contents of the deal.

If the expected sale price just covers the CLN then we're valued at the Italian assets plus 1 x RTS project worth c. $3.5mln...less any debt owed?

For every $1mln of potential sale price (less any tax?) above the CLN repayment we should see at least 10% added the the current share price

$10mln net should see a tripling of the share price based on current market cap of c. £4.5mln, which would take us back to 0.6p ($10mln + £4.5mln = c. £13.5mln = c. 0.6pps)

So $20mln net should see us c. 1.0p (assuming the Italian asset sale covers the current market cap and a bit of discount and the RTS is in for free).

1.0p should leave a significant amount of discount to the sum of the parts valuation.

Fingers crossed for a great sale price!!!!
Coro Energy share price data is direct from the London Stock Exchange

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