Coro Energy PLC - London-based gas explorer - In 2021, narrows pretax loss to $6.5 million from £8 million the previous year. Total assets at December 31 fall to $30.4 million from $31.2 million. Notes a recovery in oil and gas prices during the year, but adds that investor sentiment towards junior oil and gas companies ‘lagged somewhat’. Production from its Italian gas fields generate $200,000 in gross profit, swinging from a $200,000 loss in 2020.
‘Recent volatility in energy markets have presented huge opportunity to Coro with the re-birth of the Italian portfolio alongside a significant uplift in the core [net asset value] of its position in the Duyung production sharing contract,’ says Chair James Parsons.
Coro Energy Duyung (Singapore) Pte Ltd is the company’s wholly-owned subsidiary. The subsidiary holds a 15% interest in the Duyung production sharing contract. Coro’s share of the 2022 Duyung work programme and budget is estimated at $1 million.
Current stock price: 0.26 pence, down 8.8% on Tuesday in London
12-month change: down 13%
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