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.
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.
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.