RNS Number: 2817 O Coro Energy PLC 28 May 2020 28 May 2020. The AGM is to be held on 25 June 2020 at 10:00 a.m. at 40 George Street, Marylebone, London W1U 7 DW.. As a result of the current crisis of COVID-19 and the UK Government's restrictions, which includes banning gatherings of more than two people, the Company's AGM will be run as a closed meeting.
Coro Energy Plc #CORO Announced the results of an independent resource audit of the Mako gas field, which forms part of Duyung PSC in the West Natuna basin, offshore Indonesia, in which the company holds a 15% non- operated direct interest. Following a highly successful drilling campaign undertaken in Q4 2019, the operator of the Duyung PSC, Conrad Petroleum Ltd, engaged Gaffney Cline and Associates (GCA) to complete an independent resource audit for the Mako Gas Field. GCA have now completed their audit, which confirms a significant resource upgrade for the Mako Gas Field compared to their previous resource assessment released in January 2019. 2C (contingent) recoverable resource estimates have been increased to 495 Bcf, an increase of approximately 79% compared with the 2019 GCA Audit and confirming the work completed by the operator and partners. In the upside case, the 3C (contingent) resources have increased by approximately 108% compared with the 2019 GCA Audit and are also higher than the 3C estimate made by the operator and the Duyung partners in April 2020 and announced on 14 April 2020.
RNS Number: 8322 N Coro Energy PLC 26 May 2020 This announcement contains inside information. Mako Resource Audit confirms Significant Upgrade. Further to the announcement made on 14 April 2020, Coro Energy plc, the Southeast Asian focused upstream oil and gas company, is pleased to announce the results of an independent resource audit of the Mako gas field,...
Coro Energy Plc (CORO.L) Announced that all necessary Indonesian regulatory approvals for the transfer of title of the 15% direct interest in the Duyung PSC to Coro have now been received and final completion of the acquisition of the PSC Interest by the company from West Natuna Exploration Limited has been achieved. #CORO
RNS Number: 6809 N Coro Energy PLC 22 May 2020 This announcement contains inside information. Duyung PSC Acquisition Completion, Indonesia. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 1418 M Coro Energy PLC 06 May 2020 TR-1: S tandard form for notification of major holdings. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Coro Energy Plc #CORO announced, in its audited final results for the year ended 31 December 2019, that the company’s loss before tax stood at $7.9 million, compared to a loss of $4.5 million reported in the previous year. The basic loss per share stood at $0.010 compared to loss of $0.008 reported in the previous year. The company’s cash and cash equivalents stood at $6.4 million (2018: $9.4 million).
Coro Energy #CORO Nothing much to add to the Coro figures, the bright spot has been from Duyung (15%) where the operator recently increased its volume estimates with a new CPR expected later this year.
Coro Energy plc #CORO Following last year’s successful appraisal programme on the Mako gas field on the Duyung PSC in Indonesia (Coro: 15% non-operated interest), the operator of Duyung, Conrad Petroleum Ltd, has prepared significantly upgraded resource estimates for the Mako field. In particular, Conrad has increased the gross 2C resource estimate by 79% from 276 BCF to 493 BCF. In Q4 2019, Coro participated in a successful appraisal drilling programme on the Mako gas field. The Tambak-1 and Tambak-2 wells demonstrated the presence of well developed, high quality reservoir sandstones and a common gas-water contact (GWC) across the whole Mako structure. Mako is a very large reservoir with a structural closure of over 350 km2. The field is also well defined by seismic and shallow with a GWC at approximately 391 metres true vertical depth sub-sea.
Coro Energy Plc #CORO announced that the resource estimate update has been prepared by the operator of the Mako gas field, Conrad Petroleum Ltd (Conrad), and follows a highly successful appraisal drilling campaign in 4Q19 at the Mako gas field, which saw the Tambak-1 and Tambak-2 wells demonstrate the presence of well-developed, high quality reservoir sandstones with a common gas water contact across the Mako structure. The updated operator estimate follows a previous, post-discovery and pre-appraisal drilling, independent resource assessment which was completed by Gaffney Cline & Associates (GCA) and released in January 2019. GCA is currently in the process of conducting a new independent reserves audit for the Mako field.
RNS Number: 4652 J Coro Energy PLC 14 April 2020 This announcement contains inside information. Resource Upgrade of Mako Gas Field at Duyung PSC, Indonesia. Coro Energy plc, the Southeast Asian focused upstream oil and gas company, is pleased to announce an upgrade of resource estimates for the Mako gas field, which forms part of Duyung PSC in the West Natuna basin,...
Coro Energy #CORO : Cost reductions result in board restructuring. Coro Energy has announced that in light of the unprecedented market changes, its board has initiated a material cost-reduction programme. As a result, James Menzies, the company’s CEO, saw his employment terminated with immediate effect. The board also mutually agreed with Nick Cooper that he will leave the company with immediate effect. Following these changes, the board will consist of James Parsons as nonexecutive chairman and Andrew Dennan, Marco Fumagalli and Fiona MacAulay as non-executive directors. As result of recent developments and Coro’s current situation, we are suspending our valuation.
Coro Energy #CORO - All change at Coro this morning as the depressed global oil price situation has led to disposals, delays and senior management changes. Italy, where the disposal is awaiting Ministry approval will be cut back with temporarily suspension of production on its Sillaro, Bezzecca and Casa Tiberi fields. At Duyung, at the Mako gas field GCA are reporting on an independent reserves audit in late April. The Board continue to estimate an upgrade in the Mako field resource size of an additional c.100 Bcf in the 2C category as a result of the 2019 drilling campaign (GCA previously ascribed 2C resources of 276 Bcf and 3C resources of 392 Bcf to the Mako field). The company still expect to sell gas through Indonesia or Singapore where a HoA with a gas buyer is already in place but with ‘no further operations in the field expected in the near term it is being slowed prior to FID. It has been decided that despite a decent cash balance of $4.5m it would be ‘prudent’ to reduce the cost base given it is not possible to predict how long current difficult market conditions will last. This will see a reduction of approximately $2.3 million of General and Administrative costs on an annualised basis, resulting in the Company having sufficient working capital to meet its requirements until April 2021, when the second annual coupon payment becomes due on Tranche A of the Company’s EUR 22.5m 2022 Eurobond. On this basis it is easy to see that executive directors being offered NED roles or to walk the plank have made their decisions, accordingly CEO James Menzies is leaving with immediate effect whilst CFO Andrew Dennan becomes a NED with all NED’s taking a 25% drop in fees. So the board states ‘The ensuing commodity price volatility has only made the task tougher for E&P companies, but the Board continues to believe in Coro’s long term prospects and the now proven quality of its Mako asset, as well as its ability to add further opportunities to the portfolio when macro conditions improve’.
Coro Energy is a natural gas producer with interests in Northern Italy. Its portfolio includes one gas production (Sillaro), one near-term gas production field (Bezzecca (90%) andan application for a near field (Sant'Alberto), all near Milan and Bologna. These assets are being spun out from Po Valley Energy Ltd ("PVE") (ASX: PVE), an Australian company, and will be now held through Saffron's wholly owned Italian subsidiary, Northsun Italia S.p.A ("NSI").