£87m? Are you on crack19 Nov 2025 10:58
Coro's SP is under £3m, it was barely $2m. Here are the facts:
The terms of the Agreement provide for:
· the release of Coro Duyung from any obligation to pay existing or future cash calls;
· a total cash consideration of US$300,000 to be paid by Coro to WNEL following Shareholder Approval. This payment represents a US$477,000 saving on the amounts Conrad maintains is outstanding by Coro Duyung as at the end of December 2024;
· following receipt of Government Approval, the issuance to the Company of 500,000 new ordinary shares at no par value in Conrad ("Conrad Shares"). The Conrad Shares had a value of approximately US$225,000 based on the AU$0.75 closing share price of Conrad on 9 April 2025; and
· within 45 days of the first commercial production in respect of the Duyung PSC, the issue of further new ordinary shares in Conrad ("Additional Conrad Shares") to Coro equal in value to US$750,000. To the extent that Conrad or WNEL's interest in the Duyung PSC falls below 20% at that time, then such payment may be reduced dependent on the extent of that reduction on interest.
All Conrad Shares and Additional Conrad Shares are locked-up for a period of twelve months from the date of issue.
The proposed disposal follows a long period of continued ongoing costs required to support the asset without achieving expected commercial milestones. The Company's 15% position in the Duyung PSC was held on its balance sheet at US$18.9 million as at 30 June 2024, however the Company intends to impair the Duyung PSC carrying value down to the transaction consideration.
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