Coro Energy

LN: CORO

£15.8m market cap

2.03p 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 particular focus on gas assets.

Investment summary

Coro Energy has provided an update on both the disposal of its non-core Italian assets and its Bulu PSC acquisition offshore East Java. Coro has entered into a conditional sale and purchase agreement with Zenith Energy for the disposal of its entire Italian portfolio for a consideration of £3.9m paid in new Zenith Energy shares. An initial consideration of £0.4m will be paid on completion of the deal and the rest is subject to certain production targets. Coro also announced the parties in the Bulu PSC continue to progress the transfer of the 42.5% participating interest in the PSC to Coro. With the acquisition not completed by the 2 December 2019 long-stop date due to a delay in receipt of approvals, the parties are now negotiating a further six-month extension.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2017A N/A N/A N/A N/A N/A N/A
2018A 0.0 (3.5) (3.5) 0.0 N/A N/A
2019E 0.0 (5.5) (8.1) 0.0 N/A N/A
2020E 0.0 (4.6) (4.6) 0.0 N/A N/A
Sector
Oil & gas
Share price graph
Balance sheet
Forecast net debt (US$m) 12.6
Forecast gearing ratio (%) 262
Price performance
%
1m
3m
12m
Actual (17.4) (24.3) (17.4)
Relative* (16.3) (24.1) (19.6)
52-week high/low 3.3p/1.9p
*% relative to local index
Key management
James Menzies CEO
Andy Dennan CFO