Coro Energy

LN: CORO

£2.4m market cap

0.31p last close

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.

Investment summary

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. Our valuation has been suspended since James Menzies, the company’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)
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 17/09/2020
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Sector
Oil & gas
Share price graph
Balance sheet
Forecast net debt (US$m) 12.6
Forecast gearing ratio (%) 262
Price performance
%
1m
3m
12m
Actual 10.9 (15.3) (90.2)
Relative* 12.1 (13.2) (88.4)
52-week high/low 3.1p/0.3p
*% relative to local index
Key management
Andy Dennan CFO