1st May 2019 10:32
LONDON (Alliance News) - Coro Energy PLC reported a widened annual loss on Wednesday, mainly due to an impairment of assets in Italy.
Coro's pretax loss in 2018 was USD11.3 million, from USD7.0 million in 2017, with revenue up slightly to USD1.8 million from USD1.4 million.
Revenue comes from gas sales in Italy, with impairments recorded on assets such as the Santa Maria Goretti and Laura fields.
Coro is now focusing on south-east Asian assets and raised EUR16.1 million during 2018 to get going with work in the region, and also appointed a new chief executive with experience in that part of the world.
"With several transactions now signed in South East Asia, we are continuing to build momentum with a pipeline of accretive deals being developed to complement our initial asset acquisitions, which we will continue to work up the value curve," said Coro.
Assets in south-east Asia include the Lengo and Mako gas fields in Indonesia, as well as the Petronas Block 2A in Malaysia.
Shares were 0.4% lower on Wednesday morning in London at 2.44 pence a share.
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