We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
All time lows here in coro, debt is sorted. Expect a huge rise here soon. Can’t be long before fortunes change here. Duyung is basically valued at 0 and this market cap.
Priced to fail and now we have an RNS confirming Debt is on standstill
The focus turns to the GSA deal, assume repayment will be wrapped up in that
Huge upside from here now. Market yet to spot it on a quiet Friday afternoon
Well....If there is a storm coming, the waters are remarkably calm at the moment.
I have a feeling the bond will be extended. Makes no sense for it not to be
Alot of panic selling this week and all time lows 0.16p due to uncertainty
Watch this one craefully as if we get extension its going to explode higher
Looking at his background couldn't agree more
Robert Finney taken 3.4% of company. Thats interesting. Maybe good things ahead
‘The Singapore-based operator has a 76.5% operated interest in the Duyung PSC and its partners are Coro Energy on 15% and Empyrean Energy with 8.5%.
Indonesia’s upstream regulations call for players to supply approximately 25% of their share of production to the domestic market although there is no requirement for them to construct infrastructure such as pipelines to enable the delivery of any DMO.
https://www.upstreamonline.com/field-development/conrad-firms-up-gas-sales-deal-moves-towards-fid-for-indonesian-offshore-gas-field-project/2-1-1618719
Are CORO expected to pay towards the production costs here?
I’m not sure how this is going to play out now, as they will need a huge loan to facilitate any production costs, plus they have deadline next week to fully repay the $32 million Eurobond loan (as per below)?
‘Management have prepared a consolidated cash flow forecast for the period to 30 September 2024 which shows that the Group has sufficient cash headroom to meet its obligations during this period. However, this conclusion is conditional on the Group successfully repaying or restructuring its Eurobond obligations. Currently, the bonds are scheduled to mature in April 2024 when principal of €22.5m ($24.5m) will become repayable in full along with accrued and not paid interest of €6.8m ($7.4m).’
Worryingly, the Half Year Report RNS also states:-
‘The directors have a reasonable expectation that repayment or a debt restructuring can be achieved prior to maturity.
Negotiations with bondholders have not yet commenced, and the ability of the Company to successfully restructure the bonds is not guaranteed. However, based on the above, the Directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing the Group financial statements for the period ended 30 June 2023. Should the Group be unable to continue trading, adjustments would have to be made to reduce the value of the assets to their recoverable amounts, to provide for further liabilities which might arise and to classify fixed assets as current.’
https://www.londonstockexchange.com/news-article/CORO/half-year-report/16137151
If this loan cannot be restructured before 12th April ‘24, the company could be ‘unable to continue trading’!
From 7% down to flat, this is going to turn blue soon, not much on the offer. These are the absolute lows in CORO. Fully funded, and a plethora of news flow to come in next few weeks. Strap in
Moving up now. Buyer lurking
Huge news out today, the dots have not yet been joined up. Date of May provided when GSA will officially be completed. Todays news shows it’s more or less done. Farm out news next. Hold for 2p plus in the next few months
Just got this email
Mako Gas Sale Key Terms Signed with PGN
Highlights
Conrad Asia Energy Ltd (ASX: CRD) (the “Company” or “Conrad”), an ASX-listed Asia-focused natural gas exploration and development company, is pleased to announce that it has entered into binding Key Terms for the sale and purchase of the domestic portion of Mako gas (“Key Terms”) with PT Perusahaan Gas Negara Tbk (“PGN”), the gas subsidiary of PT Pertamina (Persero), the national oil company of Indonesia. Under these binding Key Terms, Conrad and PGN will agree in good faith and sign a fully termed Gas Sales Agreement for the domestic portion of the gas produced from the Mako field (“GSA”) located in the Duyung Production Sharing Contract (“PSC”) in the West Natuna Sea, offshore Indonesia.
On 27 March 2024, Conrad and PGN entered into binding Key Terms thereby committing to agree and to sign a GSA for the domestic portion of the gas produced from the Mako field.
Under the Key Terms, the parties will conclude negotiations for and agree in good faith a GSA that will include and be based upon the Key Terms. The parties shall endeavor to sign such GSA by no later than 31 May 2024.
This GSA will be subject to the construction of the pipeline connecting the West Natuna Transportation System (“WNTS”) with the domestic gas market in Batam. It forms part of Conrad’s Domestic Market Obligation (“DMO”) as set out in the Mako’s revised Plan of Development (“POD”). The sales volumes under this GSA will represent approximately 29.5% of Mako sales gas volumes until the PSC expires in January 2037.
The remainder of the Mako sales gas volumes will be sold to Singapore where a term sheet was signed in 3Q 20232 and Conrad is moving towards finalising a GSA over the coming months.
These Key Terms are an important step towards the Mako development final investment decision (“FID”) planned by midyear 2024.
Conrad Managing Director and Chief Executive Officer, Miltos Xynogalas, commented: Conrad has been working closely with PGN for the commercialisation of Mako gas. These Key Terms are a very important milestone paving the way for a fully termed gas sales agreement and brings the company a step closer to the FID for the Mako development. This agreement, combined with Conrad’s recent signing of a Memorandum of Understanding for its Aceh gas resources also with PGN, will further advance the Government of Indonesia’s ambition to meet the fast-growing energy needs of the country.
Bought in this morning at.189.
Looking at the fundamentals definitely has multi bag potential.
1p would only be 29m mcap
7m due from settlement, 7m from asset sale, $85m from other asset sale
5m mcap
Could be a big win if they announce a sale of their portion of a near 1TCF gas pie
5m mcap.. CORO interest $85m+
Got to think where it is geographically bang next to China and Japan who are desperate for gas
£7m from litigation
$80m+ from asset sale
5m mcap
$580,000,000 potential revenue per year on those figures 😉
Excellent news
MOU
$882M Coro Energy value for 15% over 7years
As I said in January the indionesian gas is actually worth $500m to EME over the first 7 years, that is not a punt but an actual asset, work it out for yourselves.
The drill in the China Sea is a punt, but if second time lucky then absolutely massive.
I calculate EME 8.5% share less 8.5% of costs, is worth $500m over the first 7 years calculated at $2 a therm. If that is not the wholesale price then you can recalculate to whatever it is.
Https://www.naturalgasworld.com/conrad-asia-energy-pgn-team-up-to-develop-aceh-gas-resources-109990
CONRAD ASIA ENERGY, PGN TEAM UP TO DEVELOP ACEH GAS RESOURCES
Mar 1, 2024 9:30:am
SUMMARY
Under the MoU, Conrad and PGN will cooperate in the provision of gas or LNG supply and jointly explore the commercialisation of gas resources in the shallow-water discoveries within the Aceh PSCs.
BY: SHARDUL SHARMA
Conrad Asia Energy, an Australia-listed energy company, has entered into a Memorandum of Understanding (MoU) with Perusahaan Gas Negara (PGN), the gas subsidiary of Indonesia's state-o.
It says by the end of the 2nd 1/4 so could come at anytime before then!