Source - SMW
Southeast Asia focused oil company Coro Energy reported a deeper annual loss, as it bought into the Duyung prospect offshore Indonesia and supported two appraisal wells.

Pre-tax losses for the year through December amounted to $7.9m, compared to losses of $4.5m on-year.

Coro Energy said it expected the Covid-19 crisis and related fall in oil prices to delay a planned sale of its Italian assets and its ability to acquire more assets in South East Asia.

As at 31 March, the company had unaudited cash balances of around $4.5m.

'Despite this strong cash position, the company considered it to be commercially prudent to significantly reduce its cost base given it is not possible to predict how long current difficult market conditions will last,' Coro Energy said.  

At 1:56pm: (LON:CORO) Coro Energy Plc Ord 0.1p share price was 0p at 0.43p

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