28th Jun 2022 11:49
Coro Energy PLC - London-based gas explorer - In 2021, narrows pretax loss to USD6.5 million from GBP8 million the previous year. Total assets at December 31 fall to USD30.4 million from USD31.2 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 USD200,000 in gross profit, swinging from a USD200,000 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 USD1 million.
Current stock price: 0.26 pence, down 8.8% on Tuesday in London
12-month change: down 13%
By Heather Rydings; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Coro Energy