Ripley94
24 Feb 2020
Hooray CORO… XXXXX And again top up @ 1.2p
Ripley94
06 Feb 2020
Hooray CORO… XXXXX Topped up @ 1.35p nice to see my post of 5 days back reminding me why i thought might be a good idea . ( 70% deal )
Ripley94
01 Feb 2020
Hooray CORO… XXXXX Turner Pope yesterday … Coro Energy plc Coro will no longer proceed with the acquisition of a 42.5% interest in the Bulu PSC offshore Indonesia. With the long stop date for the completion of the transaction having passed on 2 December 2019 without the requisite government approvals in place and several concerns identified by Coro in regard to the company’s partner and new requirements to the proposed development plan for the asset, Coro has elected to allow the Bulu acquisition agreement to lapse in accordance with the terms of the proposed transaction. As outlined in December 2019, the long stop date for the completion under the Bulu acquisition agreement of 2 December 2019 passed without the acquisition being completed. The regulatory governmental approval process was still underway and the parties were still in the process of negotiating a further six month extension to the long stop date to allow sufficient time for the approvals to be received. Following Coro’s recent successful drilling programme on the Duyung PSC, also in Indonesia, which focused on confirming gas resource volumes on the Mako field, Coro has decided to be selective about new assets which it intends to bring into its portfolio. In the case of Bulu, necessary approvals remained outstanding as the long stop date expired and Coro also had concerns about the future of its operating partner. Coupled with this, the company identified the imposition of potential changes to the composition of the Bulu partnership and new requirements being introduced in satisfying the Plan of Development for Bulu. As such, Coro concluded that the risks associated with the acquisition of a 42.5% interest in Bulu had increased appreciably. Consequently, the company did not enter into an extension and allowed the Bulu acquisition agreement to lapse in accordance with the terms of the proposed deal. This move will preserve significant cash balances for Coro. The consideration for the acquisition, which will now not be paid, was to be satisfied through total payments (in tranches) of US$6.94m in cash in addition to US$1.04m in working capital adjustments to AWE Limited. In addition, further shareholder dilution will no longer take place given that Coro is no longer required to pay an additional US$4.0m through the issue of Coro shares to Hyoil (Bulu) Pte. Ltd. With the acquisition not proceeding, this consideration will no longer be paid enabling Coro to direct its preserved cash resources to other areas of its portfolio, primarily the Duyung PSC in which Coro holds a 15% interest. Overall, Coro notes that its net expenditure in regards to the Bulu transaction amounted to a modest sum of approximately US$0.25m. We believe that this is positive news for Coro given the scale of risks identified by the company within the terms of the transaction. With nearly US$8.0m of cash resources now preserved and available in the pursuit of new opportunities, Coro now has greater scope to build a portfolio focused on South East Asia where the M&A market remains highly promising.
Ripley94
27 Jan 2020
Hooray CORO… XXXXX Been trying to top up all month willing to pay 1.82p on 31st Dec … dropped it down all month willing to pay 1.75p Friday… lifted today @ 1.74p… ( D )
Ripley94
03 Dec 2019
Hooray CORO… XXXXX Todays news sent it to new lows . Turner Pope sent an e-mail hinting good news . Zenith Energy Buys Coro Energy Italy Portfolio For Up To GBP4 Million from Alliance News | 3rd December 2019 11:14 (Alliance News) - Coro Energy PLC will sell its entire Italian gas portfolio to Zenith Energy Ltd for GBP3.9 million, the two London-listed companies announced on Tuesday. Shares in Coro were down 6.8% at 1.94 pence in London in morning trading, while Zenith’s shares were up 3.1% at 2.32p. In its September 12 interim results, Coro had said it was committed to growing in south east Asia and had made divestment of its non-core Italian operations a priority. The initial consideration for the Italian natural gas production and exploration portfolio is GBP400,000, payable by Zenith to Coro in the form of 6.7 million new Zenith shares priced at 6.0 pence each. Then, provided the portfolio achieves average daily production of 100,000 standard cubic metres per day on average for four successive months, a up to GBP3.5 million in Zenith shares will be due to Coro. This production figure represents approximately 590 barrels of oil equivalent per day. Coro Chief Executive James Menzies said: “As the company continues to focus on the investment opportunities in south east Asia, the disposal of our Italian portfolio removes non-core assets and streamlines our geographic focus. The Italian portfolio requires significant management time and capital expenditure to sustain its production and in-line with our stated strategy, we believe that focusing our resources on the rapidly growing south east Asian market will provide greater opportunity to maximise shareholder value.†Coro’s portfolio in Italy consists of 100% working interests in four producing natural gas concessions - Sillaro, Rapagnano, Casa Tiberi and Bezzecca - as well as one which is development ready and two exploration concessions. These assets generated revenue of EUR1.5 million in the first half of 2019 at an average cumulative production rate of 40,000 standard cubic metres per day. Following “a series of targeted interventions†over the next six to nine months, Zenith expects production from the portfolio to reach 113,000 standard cubic metres per day. The deal will also make Zenith ones of Italy’s largest natural gas production operators with total cumulative production as 55,000 standard cubic metres per day. It is also set to ore than quadruple Zenith’s gross production revenue, with expected yearly gross revenue to be around EUR3.6 million. Zenith CEO Andrea Cattaneo said: “There are a number of opportunities to increase production from current levels in the acquired assets through targeted relatively low-risk well interventions, also present in our existing Italian portfolio. Our newly enhanced technical team and financial resources will enable Zenith to apply renewed focus on its Italian portfolio.†Separately, Coro announced it is seeking another six-month extension to the long-stop date on its attempted acquisition of a 43% interest in the Bulu production sharing contract offshore East Java. The Bulu acquisition was conditional upon a joint venture partner pre-emption waiver and regulatory government approvals being obtained by Monday this week. While the waiver was received, government approvals have been delayed and so the acquisition did not complete in time. As a result, Coro is negotiating another six-month long-stop date extension to give enough time for the approvals to be received. All parties involved in the Bulu deal are planning to enter into the extension, it said. By Anna Farley; [email protected] Copyright 2019 Alliance News Limited. All Rights Reserved. corporate actionssignificantIPOs & new issuesAIMstock & bond transactionscompaniescompany regulationFTSE Main
Ripley94
22 Nov 2019
Hooray CORO… XXXXX Turner Pope … Biging it up in an e-mail today .
theprior
25 Oct 2019
Ops update Today’s news, a setback at Tambak 2, is bound to knock the sp. but this represents a further buying opportunity as the resource is proven and further drilling will release the benefits of this gigantic field TP
theprior
04 Oct 2019
Well spud today Here we go folks! Spud today, drilling Tambak-2 to 595 mtrs in about 33 days. Look out for preliminary results in early Novembe. Could be a game changer. TP
Ripley94
02 Sep 2019
Hooray CORO… XXXXX Back up to the 2.7p today .
theprior
19 Aug 2019
Ops update At last, action is now on the horizon with a rig contracted and due on station late September. Drill targets identified and fully funded (coro’s share) After a very long wait can it be true that lths are going to recoup value? TP
Ripley94
17 Apr 2019
Hooray Coro… XXXXXX Just sliced the last non isa top 12th Feb for 2.7p . Have ended up with more then planed. Ill regret i’m sure lol
Ripley94
08 Apr 2019
Hooray CORO… XXXX Topped up ( wi ) @ 1.875… ( not lifting ( D ) 1.90 and 1.88 last week )
theprior
23 Mar 2019
Hooray But clearly any counter offer would be higher still. Can’t speak for the BoD but seems they weren’t prepared to get into a bidding war for Ophir’s assets TP
Ripley94
23 Mar 2019
Hooray significantly upped their offer ? 55 t0 57.5 less than 5 % .
theprior
23 Mar 2019
Hooray They were in with a shout and had secured the finance but the other party significantly upped their offer. I guess the board decided it was too much to counter bid. But it shows they mean business and also shows they can raise finance, just waiting for the next project to present itself. Hopefully one that’s close to roduction. TP
