Coro Energy is an upstream oil and gas company with a focus on South-East Asia. It targets discoveries that require commercialisation and have exploration upside, with a focus on gas assets.
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Coro Energy’s independent resource audit from Gaffney Cline and Associates in 2020 on the Mako gas field saw 2C recoverable resource estimates increase to 495bcf, c 79% higher vs the 2019 audit. Coro Energy holds 15% of the Duyung PSC containing the Mako field. Gas volumes will be upgraded to 2P reserves once the gas sales agreement is completed and a final investment decision is taken. The company has a heads of agreement already in place with a gas buyer in Singapore. In July, a sales and purchase agreement with Zenith Energy to dispose of Coro’s Italian portfolio was terminated. The company recently announced a revised growth strategy to include opportunities in the clean energy sector and acquired a 20.3% share in Venture Holdings, a South East Asian and UK focused developer of clean energy projects in November 2020. Our valuation has been suspended since James Menzies, Coro’s CEO, saw his employment terminated.
Y/E Dec |
Revenue (US$m) |
EBITDA (US$m) |
PBT (US$m) |
EPS (c) |
P/E (x) |
P/CF (x) |
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2017A | N/A | N/A | N/A | N/A | N/A | N/A |
2018A | 0.0 | (3.5) | (3.5) | 0.0 | N/A | N/A |
2019E | N/A | N/A | N/A | N/A | N/A | N/A |
2020E | N/A | N/A | N/A | N/A | N/A | N/A |
Industry outlook
South-East Asia possesses some of the world’s fastest-developing economies where demand for gas is increasing and already exceeds supply. It is also a mature hydrocarbon province, holding 57bnboe of discovered undeveloped resources and significant yet-to-find resources.
Last updated on 23/05/2022Content on Coro Energy















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Oil & gas
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Forecast net debt (US$m) | 12.6 |
Forecast gearing ratio (%) | 262 |
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Andy Dennan | CFO |