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Coro Energy PLC says its excited about value-add potential for 2021 as renewable energy strategy advances

“We have an exciting, blended portfolio of energy assets, with our operated renewable energy portfolio sitting alongside our investments in the non-operated Duyung PSC and ion Ventures,” James Parsons said.

() said it is excited about its potential to add value for shareholders in the next 12 months ‘and beyond’, as it released its financial results statement for 2020.

The company is being positioned towards renewable energy and is supporting the transition from fossil fuels to clean energy in south east Asia.

Presently, it is advancing interests in flagship wind and solar projects in the Philippines, following recent acquisitions, and it retains gas assets in the region – assets in Italy are deemed non-core and are being divested.

READ: Coro advances Philippine solar and wind projects

In Monday’s statement, chairman James Parsons highlighted: “Coro not only managed to successfully weather the storm in 2020, we progressed to an inflection point in our transition to becoming a regionally focused, low-carbon energy company.

“We have an exciting, blended portfolio of energy assets, with our operated renewable energy portfolio sitting alongside our investments in the non-operated Duyung PSC and ion Ventures.

“Having raised new capital early in 2021, and with a strengthened executive team, we are excited about the potential to add value for shareholders in the next 12 months and beyond.”

In terms of the financial results, Coro reported a US$7.9mln loss and said it ended December with US$1.7mln of cash and equivalents.

Subsequent to the reporting period, the company has acquired a portfolio of early-stage, operated renewable energy projects in South East Asia and raised some US$5.3mln of net proceeds from a share placing and open offer.

Read More: Coro Energy PLC says its excited about value-add potential for 2021 as renewable energy strategy advances

2021-04-19 03:18:00

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