Coro Energy - Research Update
Coro Energy is the old Saffron Energy, which joined AIM in February 2017 with onshore gas producing interests in Italy. Within 12 months a new management team had taken over, led by James Parsons as Chairman. He brought a brand-new strategy for expansion and transformational growth focused on South East Asia. 2019 saw Coro acquire a 15% interest in the Duyung PSC in a deal which involved helping to fund a highly successful appraisal drilling campaign which showed just how large this project really is. In 2021, Coro acquired GEPL and 20% of ion Ventures. These vehicles are both being used to further the company’s renewables strategy in South East Asia.
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Booming electricity demand in South East Asia fueled by GDP growth
Growth in electricity demand in SE Asia is amongst the fastest in the world due to the rapidly rising population, rising incomes, industrialisation and urbanisation. Coro sees enviable opportunities to supply this market with gas and renewable energy as coal generation still dominates.
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Well-positioned to supply gas to Singapore with its premium prices
Duyung PSC’s Mako Gas Field is one of the largest gas fields ever discovered in the West Natuna Basin, offshore Indonesia. It is a shallow single tank deposit that is technically low risk. Gas production could start as early as 2025.
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Now rapidly rolling out 150MW of rooftop solar projects in Vietnam
Coro is funding the roll out of 150MW of roof top solar projects in Vietnam where a 3MW pilot project is now in operation. Looking to take precedence are two utility scale 100MW solar and 100MW wind projects in the Philippines which are 6 and 12 months away from Ready to Build status.
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We see upside of +1,000% based on Duyung PSC & Vietnam solar rollout
Our highly conservative valuation shows the potential. We update coverage of Coro Energy with a target price of 3.23p and Conviction buy stance.
Coro Energy is engaged in the exploration for and production of liquid and gaseous hydrocarbons in the Lombardy and Emilia Romagna regions of the broader Po-Veneto plain within the territory of the Italian Republic.
Align Research is a commissioned research company founded in November 2015 in order to provide the under-served smaller company space with high quality analysis. We have an initial focus on the natural resources sector, in which we see significant opportunities given the current once in a generation bear market, however all undervalued small caps (sub £100m) are considered by our team. Align was founded by industry professionals with decades of experience in the stock markets, headed up by highly qualified individuals from both fund management and analytical backgrounds.
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