Coro Energy Announces Interim Results

Source: www.gulfoilandgas.com 9/9/2021, Location: Asia

Coro Energy plc , the South East Asian energy company focused on leading the regional transition to a low carbon economy , announces its unaudited interim results for the six month period ended 30 June 2021.

Highlights

Operational
· Acquired Global Energy Partnership Ltd, an originator and developer of renewable energy projects in South East Asia with a portfolio of early stage, utility scale projects and an initial focus on the Philippines
· Operating infrastructure established in the Philippines; planning and permitting activities for priority 100 MW solar and 100 MW onshore wind projects underway
· Continued progress toward commercialising the Mako gas field (Duyung PSC, Coro 15% interest), with the operator focused on key commercial workstreams including preparation of an updated Plan of Development and continuing Gas Sales Agreement negotiations

Corporate
· Appointed Mark Hood, an experienced clean energy executive and co-founder of GEPL, as Coro's Chief Executive Officer
· Announced execution of binding, conditional Sale and Purchase Agreement with Dubai Energy Partners Inc to dispose of the Group's Italian portfolio for cash consideration of €0.3 million
· Raised net proceeds of approximately $5.5m through a placing and open offer to fund the Group's low carbon energy investments

Post Balance Sheet Events
· Announced a new partnership in Vietnam to develop a 150 MW pipeline of rooftop solar projects together with a local partner, Vinh Phuc Energy ("VPE"), commencing with 5 MW pilot project

Certain information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.


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