Coro Energy Announces Final Results

Source: www.gulfoilandgas.com 5/22/2023, Location: Asia

Coro Energy Plc, the South East Asian energy company with a natural gas and clean energy portfolio, announces its final results for the year ended 31 December 2022.

FY2022 Highlights
- Coro resumed and increased gas production from its Italian onshore operations to benefit from the rise in gas prices in Italy resulting in a profit of US$ 2.6m for the year and a cash benefit to the Group
- To capture the inherent value of the Italian natural gas portfolio and a structural increase in gas prices an option to acquire the business for up to Euro 7.5m was granted to Zodiac Energy plc. This option was exercised with the parties entering into a Sale and Purchase Agreement in March 2023
- Continued progress toward commercialising the Mako gas field (Duyung PSC, Coro 15% interest), with the Duyung PSC operator focused on key commercial workstreams including approval of an updated Plan of Development as announced in November and continued focus on progressing a binding Gas Sales Agreement
- In Vietnam successfully completed Coro's first rooftop solar project of 3MW following signing a 25-year Power Purchase Agreement which commenced delivering electricity in October. A further 3.25MW potential acquisition was announced in November.
- In the Philippines planning and permitting activities continued for both renewable solar and wind projects. An application for a WESC (Wind Energy Service Contract) was submitted and the installation of a Lidar to collect data
- The Company's Luxembourg listed EUR 22.5m Eurobond secured notes were restructured in 2022 and now mature in April 2024
- Stephen Birrell joined as a Non-Executive Director and James Parsons transitioned to Executive Chairman. Fiona MacAulay and Andrew Dennan stepped down from their Non-Executive roles. Mark Hood transitioned to Non-Executive Director.

Post Period End
- A Sale and Purchase agreement was entered into in March 2023 with Zodiac Energy plc to acquire the Company's producing Italian gas portfolio for up to Euro 7.5m
- The Operator of the Duyung PSC announced it had engaged a global investment bank with a proven track record in similar transactions to lead a farm-down process for the divestment of a portion of its interest in the Duyung PSC. The Operator advised bids are expected to be received during the second quarter of 2023. Coro may participate pro rata in the farm-down process as various drag and tag along clauses exist in the Joint Operating Agreement. Coro may also entertain a full exit, depending on the terms offered.
- Naheed Memon joined the board as a Non-Executive Director with Mark Hood stepping down.


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