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
  0.005 1.96% 0.26 3,691,263 16:35:12
Bid Price Offer Price High Price Low Price Open Price
0.25 0.26 0.255 0.255 0.255
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -5.83 -0.73 5
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:12 UT 2,154 0.26 GBX

Coro Energy (CORO) Latest News

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Coro Energy (CORO) Discussions and Chat

Coro Energy (CORO) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-09-28 15:35:120.262,1545.60UT
2021-09-28 15:28:080.2525,00062.63O
2021-09-28 15:02:160.251,108,1492,781.56O
2021-09-28 14:59:440.255,58414.02O
2021-09-28 14:03:520.26162,363420.50O
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Coro Energy (CORO) Top Chat Posts

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 0.26p.
Coro Energy Plc has a 4 week average price of 0.26p and a 12 week average price of 0.26p.
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 5,484,535 shares. The market capitalisation of Coro Energy Plc is £5,490,217.65.
currypasty: I think both coro, and eme would like a complete sale. Eme whatever the price will be a great boost. Coro its more finely balanced due to the whopping debt that needs paying / restructuring.. I guess we will find out at some point if coro price starts moving one way or 'tother
currypasty: Im not so sure.. "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." https://uk.advfn.com/stock-market/london/coro-energy-CORO/share-news/Coro-Energy-PLC-Acquisition-of-interest-in-Duyung/79225540
helpfull: Titillating! "its share price, which has subsided some 95pc from levels of 8p back in 2017 to just over 0.3p" Nice to have some context. At the end of 2017 as Saffron Energy morphed into Coro Energy there were about 185,000,000 shares in issue. Soon to become 200,000,000 when a cornerstone investor was introduced early in 2018 when Coro Energy did what this company always does and raises cash. Today there are 2,111,622,173 shares in issue. That's a 10.55 fold increase in the number of shares. So anyone thinking "it was 8p once it could be 8p again" needs to think again. The mammoth share issue in February 2021 has flooded the market with Coro paper. The daily share sales represent the tip of the iceberg. The natives are getting restless. Be careful.
burtond1: Does @CoroEnergy have an Ace up its sleeve in possibly their final hand?#CORO needs a run of good news to reignite its share price, which has subsided some 95% from levels of 8p back in 2017 to just over 0.3p. Can it's share price rise from the ashes?https://total-market-solutions.com/2021/06/coro-energy-plc/
helpfull: This was the previous sale: "The initial £0.4 million consideration for the Disposal, payable by Zenith to the Group on Completion, will be settled through the issue of 6.7 million new Zenith Shares at an effective issue price of 6.0 pence per Zenith Share. Subject to the Italian Portfolio being disposed of achieving average daily production of 100,000 scm over a period of four successive months, a deferred consideration payment of £3.5 million will be made by Zenith to the Group through the issue of new Zenith Shares at an effective issue price equal to a 40% premium to the then prevailing Zenith share price at the time of issue". This is the current sale: "DEPI will acquire the Company's entire interest in the Italian Portfolio, through the acquisition by DEPI of the entire issued share capital of the Company's wholly owned subsidiary Coro Europe Limited ("Coro Europe") for a cash consideration of €300,000, with a deposit of €30,000 payable on entry of the SPA (non-refundable except in limited circumstances)". Will it get the go-ahead?
johnswan193: Hello and welcome everybody to this mornings Q&A. You will have seen earlier today that we have sold our Italian assets as we continue the execution of our South East Asia renewables strategy. We look forward to your questions today! Question from 10owen Both Coro and Empyrean Energy have failed to provide realistic achievable time frames for the delivery of the Duyung POD/GSA and sale/partial sale of the asset. Please could we have realistic, definitive delivery time frames i.e. days/weeks/months for each and not the usual fudged answers such as in the near term, soon and in due course. Mark Hood (Coro Energy) It is important to understand that Conrad Petroleum is the operator of the Duyung PSC. Conrad therefore leads on all commercial and operational matters, sets the timelines and is accountable for delivery. Coro’s role here (like all non operators) is to participate in the various partner meetings which occur every other month on average and then of course to report back to the Coro Board and ultimately shareholders on price sensitive items. 10:03 AM Question from 10owen Coro's recent placing has not been received at all well by the market, as reflected in the falling share price, with delays and a lack of clarity in the Duyung project and high levels of debt, what incentive is there for new investors to be attracted to Coro and for existing shareholders to remain and or add to their investment. Mark Hood (Coro Energy) Our perspective here is that Coro acquired GEPL, a regional renewables company heavily focused on Solar and Wind projects in the Philippines. The logic for this transaction was to accelerate Coro’s transition to clean energy and also to provide balance to the portfolio and specifically accrete value to shareholders through the Solar and Wind projects as they mature. To enable this there was indeed a placing alongside (without which there would not have been sufficient funds to move forward the various projects). It is absolutely right that the share price has fallen since the placing and it isnt Coro’s role here to provide market commentary. Our focus remains on supporting the operator of Duyung as best we can, alongside maturing our Philippines projects to shovel ready and ultimately into cash flows. We have been reasonably public about our desire to restructure our debt as it approaches maturity next year and it is planned these conversation will begin after the summer this year, obviously depending on progress on Duyung and the level of lender support we receive for a restructuring. 10:08 AM Question from ChrisT During an interview in March 2021 Pete Christie mentioned that the upgraded POD was due to be issued " soon " and that the GSA was scheduled for agreement by mid year. Can you advise on the latest planned timescales? Peter Christie (Coro Energy) Thanks for the question Chris. As Mark has mentioned in an earlier response, we aren't the operator of the Duyung project, but of course seek to provide information on progress based on our discussions with the operator. When we have a firmer indication of the timescales we will update shareholders through our RNS channel 10:12 AM Question from 10owen When will the divestment of Coro's Italian assets be completed and when will their debt be restructed? Mark Hood (Coro Energy) This morning Coro was pleased to announce the divesment of 100% of our Italian assets to Dubai Energy Partners. With this divesment completed we can now focus 100% of our time on our core strategy of leading the energy transition to clean energy in South East Asia where the markets tell us there is significant demand 10:13 AM Question from paulgmccabe Can you please give an approximate timeline of when we may see value adding news that would be expected to result in an increasing share price. It feels like not a lot is happening. JamesParsons (Non-Executive Chairman) Good morning Paul. Thanks for this question. So our focus right now is on: 1. Exiting Italy (announced this morning) 2. Maturing the GPEL projects recently acquired, primarily focused on the Philippines Solar and Wind projects. 3. Supporting the operator at Duyung to deliver the commercial milestone for the PSC (GSA, updated POD and potentially looking at farm in options) 4. Delivering value with our investment in IoN We provided a pretty comprehensive operational update on item 2 in April which really sets out our plan. I'll let Mike run you through this plan himself but so far we are progressing strongly. I do think its fair to say, like every AIM company, we of course try to maintain a stream of newsflow, for many reasons including helping momentum for the stock. This hasn't always been easy given Duyung is such a large asset (which means commercial milestones are more complex) and of course not entirely within our control but this will become easier as our clean energy projects mature. We do see clean energy as the future for the regional and are delighted to be at the front of that. 10:13 AM Question from paulgmccabe Can you give us a brief as to what developments have occurred in general since the last Q&A session in March. What exactly have the team been working on most? Michael Carington (Coro Energy) since the last Q&A session the team have been working on key projects inline with the transition strategy. the sale of the Italian portfolio has now happened and our focus is now upon the SE Asia region, preparation work for our activities in the Philippines is progressing well 10:17 AM Question from ChrisT In the presentation used for the " Shares " webinar Coro mentioned the possibility of partial realisation of value for Duyung in the short term. Can you advise on any progress towards farm out either alone or together with the JVP? Peter Christie (Coro Energy) We are continually reviewing our options with regard to the Duyung asset to ensure best returns for our investors. Unfortunately we are not able to discuss what progress has been made in these discussions and we would seek to make announcements when we are able to do so. 10:17 AM Question from Bigdave why not call it a day with Conrad negotiations and sell your % Duyung privately.. JamesParsons (Non-Executive Chairman) Duyung, in our view, is a "big boy" asset with strong technical fundamentals, the right postcode (next to strong demand from Singapore) and is approaching some key value inflection points (such as securing a GSA and updated POD). Generally (again our view) prospective buyers and farm in partners for an asset like this prefer larger positions and to be operator. Hence we see logic in staying closely aligned to Conrad and is supporting them as best we can as they look to commercially de-risk the project. 10:20 AM Question from paulgmccabe What is the latest on the Philippines? In March we were advised that there would be more news on planning milestones in the next 3-6 month. Is that still on track? Likeswise for the updated Plan of Development and signature of Gas Sales Agreement for Duyung. Any more news re planned restructuring of the Eurobond obligations? Michael Carington (Coro Energy) the Philippines Department of Energy have extended their full support to the flagship projects and will assist the team through the pre-construction phase, which will help with the milestone schedule ensuring we stay on track 10:23 AM Question from londoninvestor Are you looking at clean energy projects in any other regions in SE Asia? JamesParsons (Non-Executive Chairman) We are reasonably active business development wise across the region and have aspirations to broaden our portfolio yes. Our focus is as you say on clean energy projects and we see opportunity here for Coro to lead the transition regionally. 10:31 AM Mark Hood (Coro Energy) Pre the acquisition by Coro, GEPL spent a large amount time review and carefully selecting regions in South East Asia where renewable energy profiles were not only conducive to investment, but where the country was actively supporting renewables as base load supply. As Coro we are now working through the portfolio, further derisking the opportunities to maximise investor returns on those projects. 10:34 AM Question from coroadmin Question via email - Coro be interested in other Oil projects if they became available? Mark Hood (Coro Energy) As we've stated our strategy is the transition to low carbon energy production. The transition from black to blue to green has now been seen across the larger players with Shells report yesterday that it has "a duty of care to reduced emissions". This is clearly a signal that clean energy is the right direction for us to travel. 10:42 AM Question from londoninvestor What is the current work programme looking like in the Philippines? Michael Carington (Coro Energy) the work programme is well defined by the renewable energy act and our start point has been to create the company in country we have prepared our energy service contract application, at the same time EPC engagement is advanced and detailed engineering on the solar project is now being evolved. the wind resource data campaign is now ready to commence. the next stages will be to commence the environmental impact reports and formalise the grid connections, stages which start to add significant value to each project 10:43 AM Question from londoninvestor And what do the return profiles look like? Peter Christie (Coro Energy) The projects we see generally have IRRs in the range of 15% to 25%, depending on the stage of development 10:44 AM Michael Carington (Coro Energy) in contrast to European projects that are typically single digit IRR's SE Asia offers much better returns hence our focus on the region 10:53 AM Question from 10owen Without commercialising Duyung in the very near future it is difficult to see how you intend to fund further development of Duyung and of your renewable projects. I believe most investors had, like myself, seen either a sale of your total or partial stake in Duyung paying off your high levels of debt and providing extra funds for development of the renewable projects and perhaps a smaller stake in Duyung. Could you please therefore advise how you intend to fund these projects without realising funds from a Duyung sale/partial sale without significantly diluting shareholder value again. Mark Hood (Coro Energy) The raise was completed to allow us the development capital to complete the permitting phases of the renewables projects in the Philippines. Once fully permitted we have multiple paths to commercialise, including project financing from infra funds and project level debt from banks, both local and international. Conversations have been active with both project equity and debt providers with highly competitive terms being discussed. As we have already noted in an earlier response we will be looking to restructure our existing debt as it progresses closer to maturity if required. 11:01 AM MarkHood (CEO) Thank you for joining our Q&A today and for all your questions. It is an exciting time for Coro and we look forward to releasing news via the usual channels as we advance our SE Asian strategy. We hope to meet many of you in person as soon as we are able to.
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.
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.
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.
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?
Coro Energy share price data is direct from the London Stock Exchange
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