Coro Energy

LN: CORO

Market Cap£5.6m

Last Close 0.27p

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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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. 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)
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 30/07/2021
Content on Coro Energy
Coro Energy – Positive Mako appraisal, Tambak non-commercial
Oil & gas | Flash note | 22 November 2019
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Share price graph
Balance sheet
Forecast net debt (US$m) 12.6
Forecast gearing ratio (%) 262
Price performance
%
1m
3m
12m
Actual (11.7) (20.9) (34.5)
Relative* (12.0) (21.8) (45.9)
52-week high/low 0.8p/0.2p
*% relative to local index
Key management
Andy Dennan CFO