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The only thing that worries me here is what was announced in the RNS dated 31st January 2024 which I will copy and paste here as well as provide a link.
"In Q3 2023, the Company signed a non-binding term sheet (the "Term Sheet") with Sembcorp Gas Pte Ltd ("Sembcorp"), a major Singapore energy company, which outlines the core terms and serves as the basis for negotiating a definitive Gas Sales Agreement ("GSA"). Subsequent commercial negotiation between the Minister of Mining and Natural Resources and Sembcorp has resulted in both improved price formula and a delay in executing the GSA, and accordingly, Conrad has agreed with Sembcorp to delay the deadline to finalise a binding GSA (which will be subject to customary conditions precedent) by the end of Q2 2024."
According to that announcement by Conrad Asia the GSA is not due to be finalised until the end of Q2 2024 - ie. the end of June 2024 - which is over 4 months from now.
https://www.lse.co.uk/rns/CORO/update-re-duyung-psc-0l745v0j9le0ido.html
Does anyone have any thoughts on this? Obviously, the farm down cannot be completed until the GSA is signed off and this business just seems to drag on and on and on and the thought of another 4 months of waiting around is just ridiculous.
Cash injection would be nice!
Coro Energy plc’s 15% Interest equity (Duyung NPV10 US$87M
$87Million Dollar Equates to £67.7 Million Ponuds
11X time the current Market Cap
Coro Energy plc’s equity essentially a leveraged play on commodity prices
(Duyung NPV10 US$87M - net to Coro at USD80/bbl)
15% Interest in Duyung PSC containing
Mako Gas field in Indonesia; 437 Bcf
discovered gas resource (gross) with
recently signed GSA heads
Revenue producing 3MW Vietnamese
rooftop Solar portfolio with 50MW
construction programme underway
Four 100MW onshore Solar and wind
projects in Philippines (development
stage) with recent permitting progress
Empyrean energy 8.5%
7 million MC
Coro Energy 15% - ALMOST DOUBLE THE PERCENT INTEREST OF EMPYREAN ENERGY
5.7 Million MC
BIG RERATE COMING
Participating stake in the Duyung PSC, (Singapore).
Interest below
Conrad Asia Energy 76.5%
Empyrean energy 8.5%
Coro Energy 15%
Https://www.share-talk.com/traders-cafe-with-zak-mir-the-week-in-small-caps-sunday-25th-february-2024/
If we are truly in a nascent bull market, as tentatively suggested last year, we should find small cap stocks that have been chronic performers to come back to life. For this to happen we need the return of liquidity, but we also need companies to deliver the correct newsflow. In the case of Empyrean Energy (EME), shares this week were up a third as the company announced the approval of gas pricing and allocation by the Minister for Energy and Natural Resources. This clears the path for definitive binding gas sales agreement (GSA) to be completed. With this support from the Indonesian Government, the GSA is now closer. Having the major terms settled and ministerial approval are very important milestones for EME. Best of all this significantly reduces uncertainty for any potential JV partner or buyer. Indeed, Mako gas is expected to play a significant role in lifting Indonesia’s gas production. It is in turn set to be transformational for EME, and given that the shares were more than double where they are now at 0.62p this time last year, before the big thumbs up from the Minister, we should see the shares re-rate much further.
Https://guardian.ng/business-services/massive-resignation-hits-lekoil-cayman-board/
https://www.energyvoice.com/oilandgas/africa/ep-africa/347042/metallon-sold-stake-lekoil/
https://en.wikipedia.org/wiki/Aisha_Muhammed-Oyebode
Sources have informed that an approach to Mrs Oyebode has been made as part of on-going enquiries into Mr Richardson's past business activities. In addition to being Chairwoman of Lekoil Nigeria, Mrs Oyebode is a prominent businesswoman in Nigeria and wider Africa more generally. Her father was the ex Head of State of Nigeria and the attached comments made by Mrs Oyebode on 15 June 2021 and 1 Sept 2021 about Lekoil Cayman are clear and damning. Mr Richardson was appointed a director of Lekoil Cayman on 8 January 2021. It will be interesting to assess a first hand account from Mrs Oyebode in due course.
So, you are waiting for a sale. At COPL we were waiting for a JV, we were at LOI stage. It was cancelled at the last minute by Tommy. Don't be suprised if your sale doesn't happen.
Guys – I appreciate all of your concerns regarding the NED and I am sorry that you have suffered from the COPL issues. The COPL management have obviously let you down very badly and I would also be angry by their behaviour.
However, the investment case for CORO is not down to one NED associated with the company. It is simple arbitrage situation i.e. ~$81 million cash coming to CORO very soon vs the current $6 million m\cap.
The whole selling process of the Mako Gas Field is effectively being managed through Conrad Asia and CORO are just waiting for the GSA to be processed and subsequently receive the cash.
Any outstanding debt will be paid off so no requirement for bonds, CLN’s or any input from the NED’s.
Whilst I understand and appreciate your views ref COPL, this is a different situation whereby CORO’s assets and cash will be ~10x the current low m\cap (after debt being paid off) and therefore a great opportunity to invest.
I wish you all the best for the future.
IMHO
One last thing, do any of your management team or directors mention any of the companies I or anyone else have mentioned about their involvement in, on their Coro website profile?….. That question being rhetorical. No they don’t! Not one of them mentions any company they’ve been involved in that went down the drain. (Which btw was caused by their involvement. IMO).
I’ve always thought to myself when reading, what would be called trolling, de-ramping etc, why would anyone bother if they’re not invested in this company. Until now….. Now I’m on the receiving end of directors that have screwed myself and thousands of others over and are IMO about to do the same with this company. Now I get it!
Do yourself a favour. Now this is going to sound contradictory, don’t listen to what we are telling you. But for your own sake research COPL, Tom Richardson, Fenikso, Anavio, your CEO, CFO, other members of your management team, Ascent Resources, the list goes on. But there’s enough there to start with. We are getting close to class action, Ascent SH’s are I believe also in class action against these same individuals. DYOR and you will see this isn’t negative de-ramping. I’m going to be honest with you I’m not just here telling you this for yours and other SH’s sake, which I am. I’m here to get it out to a wider audience of what these are up to. And once you’ve done your research you’ll come to your own conclusions. Hopefully before they have chance to wipe out your investments like they’ve done, as your research will show you, to every SH that’s invested in good faith in every company they’ve been involved with. Your choice and good luck. And I mean that sincerely 👍
Sorry don't buy that he's not making decisions and as proved the other day they can leave a company with no input whatsoever like Naheed .
Never seen so many comments on this stock today which seems very odd especially the negativity by some when todays news is all good as far as I'm concerned
We were where u are now till tr came u board, dilution, bonds, admin
That’s where it starts. A NED is there to advise a board on their specialist area. The BoD then makes the final decision.
So what is Richardson speciality that he is advising the board on? It certainly isn’t Energy as he’s openly admitted he knows nothing about that.
He is a specialist in death spiral bond financing. All seems rosy at first and then…….
Sorry but dont get all this the man you are talking about is a NON executive director in other words doesnt make decisions ?
Good luck bud tried to warn u ,hope u don't join our exclusive club
‘For now…’
Guys – thanks for all the numerous warnings but I think I must a bit thick when adding and subtracting, as follows:
~$81 million (Duyung sale) minus ~$24 million (current debt) = ~$57 million (in Coro’s piggy bank)
In this event, debt paid off so no future problems (including from any NED’s) and CORO will have ~10x their current m\cap in the bank (plus all the renewables assets\projects).
Thanks for all the advice but I think my calculators working okay for now.
It's definitely the same guy 100%
I'm posting to try and warn pi,s I'm not invested here and have no interested either just a honest word of warning I have lost a lot of money thru copl shares and don't want any one to go thru what I have been thru,but ur latest edition to the board is only interested I'm making money for himself and others doesn't give a toss about investors so if u can get out now do it I never and got caught by the balls he's a cancer who will kill this company
Contact details to ascertain if Coro and their PR consultants wish to continue to be associated with this NED are:
info@coroenergy.com FAO Mr James Parsons - Executive Chairman
info@vigoconsulting.com FAO Mr. Patrick d'Ancona - MD
Don't need to say much if you don't wish. Simply refer said companies / individuals to the COPL chat board.
This was prob a good company before that 'A' class ass hole TR, joined the board.
ATB