Business
Half-year Report
Half-year Report.
About this update from Coro Energy Plc
[{"type":"text","content":"\n\n \n25 September 2023\n \nCoro Energy Plc\n(\"Coro\" or the \"Company\" and together with its subsidiaries the \"Group\")\n \nHalf Year Report\n \nCoro Energy PLC, the South East Asian energy company with a natural gas and clean energy portfolio, announces its unaudited interim results for the six-month period ended 30 June 2023.\n \nHighlights\n \nResults\n \n· Reduced loss after tax from continuing operations of $2.5m (restated H1 2022: $3.8m) mainly due to the contribution of gross profit from Vietnam operations and a reduction in net finance expense. Total loss further reduced to $2.3m (restated H1 2022: $3.0m) if gain for the period from discontinued Italy operations of $0.2m is included.\n \n· Coro has a strong funding position from a combination of its cash position of approximately US$0.7m (as at 30 June 2023), and more recently supported by the post balance sheet events of the sale of shares in ion Ventures Holding Ltd and a further advance of Italy sale proceeds.\n \nOperational\n \nGas\n \nItaly\n· Coro signed a Sale and Purchase Agreement (\"SPA\") for the disposal of its Italian natural gas assets (the \"Italian Portfolio\") to Zodiac Energy plc (\"Zodiac\" or the \"buyer\") by way of the sale of the entire issued share capital of Coro Europe Limited for a total consideration of up to EUR 7.5M, including contingent payments of up to an aggregate of EUR 1.5M through a 10% net profit interest (\"NPI\") in the Italian Portfolio over the three years from the date of completion of any disposal of the Italian Portfolio. An initial cash payment of EUR 1.5M was received. Following the interim period an Addendum to the Sale and Purchase Agreement (\"SPA\") of the Italian Portfolio whereby Zodiac agreed to make a further cash advance of EUR 0.7M. Coro has agreed to reduce the sum due at completion by the further cash advance and an additional EUR 0.14m. The total potential consideration for the transaction is now therefore EUR 7.4M from the previous EUR 7.5M.\n \nIndonesia\n· The operator of the Duyung PSC continues to make steady progress commercially derisking the Mako gas field and preparing for Final I...