Coro Energy

LN: CORO

£14m market cap

1.8p 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 is an independent E&P company that offers investors exposure to the rapidly growing South-East Asia gas markets. The company intends to execute its strategy of creating a portfolio of hydrocarbon-producing hubs in a region that is observing an exodus of the major oil and gas players, creating opportunities for small- and mid-cap independent E&Ps. Coro is well placed to build on these opportunities and acquire low-cost discovered reserves, monetise existing resources and appraise the fields for potential upside. With the generated cash flows, Coro intends to acquire new opportunities, replicate the process and achieve a self-funding portfolio of hubs with the final goal of redistributing capital to shareholders. At the time of our initiation, Coro RENAV stood at 3.79p/share, however, since then, Tambak-1 well proved Tambak prospect, valued at 0.41p/share, is not commercial, leading to a RENAV of 3.37p/share.

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 0.0 (5.5) (8.1) 0.0 N/A N/A
2020E 0.0 (4.6) (4.6) 0.0 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 21/01/2020
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 (1.4) (37.4) (23.4)
Relative* (1.8) (41.2) (30.6)
52-week high/low 3.3p/1.8p
*% relative to local index
Key management
James Menzies CEO
Andy Dennan CFO