Coro Energy PLC, a South East Asian energy company, has released its unaudited interim results for the six-month period ending June 30, 2023. The company reported a reduced loss after tax from continuing operations of $2.5 million, compared to $3.8 million in the same period last year. This reduction was mainly due to the contribution of gross profit from Vietnam operations and a reduction in net finance expense. The total loss for the period was further reduced to $2.3 million if the gain from discontinued Italy operations of $0.2 million is included. Coro Energy has a strong funding position with a cash position of approximately $0.7 million as of June 30, 2023.
In terms of operational updates, Coro Energy signed a Sale and Purchase Agreement (SPA) for the disposal of its Italian natural gas assets to Zodiac Energy plc for a total consideration of up to EUR 7.5 million. An initial cash payment of EUR 1.5 million was received, and an addendum to the SPA was signed, resulting in a further cash advance of EUR 0.7 million. The total potential consideration for the transaction is now EUR 7.4 million.
In Indonesia, the operator of the Duyung Production Sharing Contract (PSC) continues to make progress in commercially derisking the Mako gas field and preparing for Final Investment Decision (FID). Coro Energy, which holds a 15.0% interest in the Duyung PSC, may participate in a farm-down process for the divestment of a portion of its interest.
In Vietnam, Coro Energy's 3MW solar rooftop project has been operational since October 2022 and generated revenue of $116,000 during the first six months of 2023. The company also announced the acquisition of a 2.39MW rooftop solar portfolio from KIMY Trading and Service JSC for a total acquisition price of $1.3 million. Coro Energy is in advanced talks with Capton Energy regarding possible co-investment solutions for its 50MW pipeline of Vietnamese rooftop solar projects.
In the Philippines, Coro Energy has two development stage renewables projects, a 100MW solar project and a 100MW wind project. The company is currently focused on securing land access, regulatory permits and approvals, securing offtake arrangements, and data gathering at the proposed sites.
In corporate news, Coro Energy announced the sale of its 18.76% shareholding in ion Ventures Holdings Ltd to SLT1 LLC for a cash consideration of £1.25 million ($1.59 million). Naheed Memon and Tom Richardson were also appointed as independent non-executive directors of the company.